Why buying a house may not be the wealth-builder people think, and where to put your money instead.

• Buying a home only builds wealth if property taxes and upkeep stay low; a 7% mortgage plus high taxes and insurance can wipe out the gains.
• Commercial real estate is called a better bet because owners can pass costs onto tenants — but it's not for the average person.
• Bitcoin is pitched as the simple option: park your money in an asset that has climbed about 15% a year without needing to be a tax or property expert.
• The S&P 500 is the safe conventional pick — roughly 10% a year over a century, a couple points above what the dollar loses to inflation, in exchange for stomaching market swings.

Outlook: Expect the buy-a-house-to-get-rich playbook to keep facing pushback as high rates and taxes push people toward stocks and Bitcoin instead.