In my own internal calculations and estimates of what I need to live on, no, certainly not, because I don't intend to sell my house and free up my equity after ER. Instead, I count my house-related expenditures, maintenance, taxes, utilities and the like, as expenses because this is what they are. But if you intend to utilize your equity (i.e., sell you house) to help fund ER, then sure, consider the house an investment.