Buying a home is an embedded part of a successful American life. It's seen as a career milestone ("Congrats on buying a new home!"), a good investment ("home prices always go up"), and a sign of increased security ("you will always have a place to live").

Many of these conceptions are misguided. Buying a home is no different than any other significant investment that you might make. In fact, it actually has numerous characteristics that make it less attractive than other options that you would have to use that money.