I don't own a home, and at the current prices, it doesn't seem like a good investment. No one can afford homes at these prices as we'll see for sure if/when the bubble bursts.
I've been waiting for the bubble to burst for a few years now, in an 850 sq. ft. rented home. In the meantime, I have seen prices go nuts and my neighborhood put in a lot of really hard work to become a slum.
A house smaller than mine sold for 400,000 in January. And what's with the "not a good investment" crap? Whatever happened to buying a home so that you could have, oh, I don't know, a place to live?