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You can't think of it that way. Add up the amount of money you pay into savings, into stock investments, and into mortgage each month. Now, instead of spreading it out into all of those places, you're putting all of that investment money into just one thing, the house.
In CA, the roll of the dice is a pretty good bet. If you're a generational buyer (buy once, live there forever), the chance that you'll retire with a home free and clear worth 10x your annual salary is a decent one. I don't know that that's true elsewhere.
It's a home, but it's also your primary savings and investment. That's a big part of why my wife and I are stretching so far to get into this house. We feel like it's the best leveraged investment we could make right now. Also, we really, really want to live there.
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