I'm not sure that really proves your point. You've made about 2.8% annually over 13 years, not including your borrowing cost, agent fees, etc.
On the other hand, the S&P 500 returned 8.25% annually between 1993-2006. Say you put 10% down ($8500) and spend $800/year total on taxes, repairs, etc. (probably low). If you'd invested in an index fund, you'd have made $42,000.
If you'd invested in an index fund, you'd have made $42,000.
And also likely have moved several times at an average cost of around $2000 per move, seen rent increases above what his current mortgage is and so on. The odds are poor that all other things would have remained equal. I owned a house at one time. I benefited by about $2000/year over the time I owned it. When I refinanced, I got my escrow back and had no mortgage payment for a month. Then my payments after that were lower. No landlord in the world is going to drop by your apartment and leave you with a nice hefty check, say "Don't bother to pay me rent this month and, oh, next month your rent is going down. Cheerio!"
Great, then it worked out for you. I'm not saying there are no advantages to owning a house, but it's not a magical investment vehicle. Many people seem to just compare the purchase price to the sale price and think, "Wow, what a gain!" without considering all the other costs, or as what they could have made with another investment over the same period.
