This chapter studies the case of housing. The figure of the 'investor-subject', which is key to the critique of financial inclusion policy, highlights the importance of considering the special role of housing for at least two reasons. First, housing is arguably the most important investment that is made by investor-subjects. For example, Individual Development Accounts (IDAs) are supposed to be used for three main aims, namely, paying for training, starting a business, or putting down a deposit on a home. In fact, critics of asset-based welfare claim that this specific policy agenda is focused mainly on boosting home ownership and so there is now a literature that is dubbed 'housing asset-based welfare'. Second, investors often have to borrow on mortgage markets to pay for a home. This highlights that 'borrowing to invest' is a key part of an investor-subject approach. Critics say that 'borrowing to invest' led to record levels of personal indebtedness and fuelled a house price bubble that was one of the triggers for the global financial crisis of 2007–08. For critics, this shows that the financial inclusion agenda contributed directly to the instability within the economy. The chapter argues that financial inclusion need not necessarily lead to a house price bubble and instead might be used to open up debates about the nature of home ownership.