I have a pretty sizable mortgage, and it doesn't feel any different to me than renting, other than I am responsible when things break or stop working. The monthly payments are similar if not less than renting.
There are huge upsides, such as that my payment is locked in (I have a fixed rate mortgage), so no egregious rent increases, and we can do anything we want to the house (remodeling, landscaping etc.) to make it our own.
The only way you can get hosed is if housing prices drop and simultaneously you are forced to move, which doesn't seem too likely for me. Many people got crushed in the housing crash, but generally that was because they took on loans that they couldn't afford, with an adjustable rate loan, or they were planning to flip the house and got caught holding the bag when prices plummeted. Those who bought for the right reasons (a place to live rather than an investment) have no downside to their house being worth less than when they bought it.
I guess you could say I am at peace with my debt, in that I don't lie awake at night worrying about all this money I owe, since I'll never have to pay it all back at once anyway.
Too many people take on unnecessary debt (big house, new cars, toys, ...) It seems like many are at peace with their debt.
Going into debt for anything more than a modest house (rather than paying rent) doesn't make sense to me.