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What part of buying a house would make my net worth go down?
You can look at buying a house as being a long term investment in not paying rent.   In the short time there are costs to buying (legal, taxes, etc).   This depends on only buying house of the size/location you need e.g. no better then what you would have rented. House buying tent to work out best when there is high inflation, as the rent you would otherwise be paying goes up with  inflation – provided you can live with the short term pain of high interest rates.