David Crook's article "Why Your Home Is Not the Investment You Think It Is" is the best I've read on the topic.
This is what your neighbors don't know, what David Bach blows past, and what your real estate agent wishes would get buried in the back pages of the 'net, never to be found again.
I document it here for those readers who might have missed it ... and for my own future reference.
(Yes, I'm a homeowner — or, at least, I'm on the 15-year, fixed-rate path to being one. But I have no delusions about the "wealth building" aspects of it.)