[claydavisss]

This reads like the author is trying to convince himself more than we readers.

Chances are, those that choose not to buy homes won't make alternative long-term investments, they'll just blow their income on consumerist junk. It doesn't matter if the SP500 does better than real estate if you just buy more non-durables with your income or opt to upscale their rental to live a luxury lifestyle.

Its a very easy analysis: when a homeowner turns 67, they can sell their home and use the money to subsidize retirement. A renter is probably still working at 67.