It might come out in the wash if you ignore the fact that you have to live somewhere. Property taxes and upkeep on a house tend to work out cheaper than skyrocketing rents over the long run. Home upgrades return value on the property. Having freedom to develop the place you live into something you like is incredibly valuable as well.
I agree there value in the freedom. My point is simply on paper, housing is as expensive as every other asset (well, maybe not art). Of course, the real question is if housing should even be considered an asset in the first place.
The Georgist answer is that the structures on the property should be assets and that taxes should reduce the land value to $0 and be updated regularly to capture the gains in the land value. That's the theory I ascribe to although I think transitioning from our current society to a Georgist one is incredibly difficult.
