At the opposite end from most cases you consider, I have about $350K into my condo and the occupancy costs are about $1000/month, compared to about $2000/month it would cost me to rent. So that $350K is returning a safe 3.4% real return after taxes in rent savings and I don't have to worry as much about inflation on rent through retirement. I would do better in equities, but that positive real ROI makes the condo a conservative *Investment*.