The land is the asset, the bet is generally that the land will appreciate faster than the house will depreciate. This has generally been true in large metro areas and regional hubs, as net migration to those areas has been positive. That changed a bit during COVID with remote work, but most employers now seem to want at least partial physical presence.

You seem to assume that people living in their home will spend nothing on maintenance and upkeep. In my experience, the mortgage is about half the expense of owning a home.