If you count the S&P 500, you should also count 20+ years of rent, right?

What about if you had 8k as a deposit only, so you either invest in S&P500 and rent instead, or put the deposit on a house and repay the mortgage? That's the more equivalent scenario.

You don't get to live in the S&P500. Also don't really get the point of this response. Both just prove assets are wildly out of reach for young people now compared to then.

Most people are putting up 5-20% of the purchase price, so closer to ~16k -> ~225k after 28 years.