This chapter explores housing as a foundation for wealth accumulation, emphasizing its dual role as both a consumable resource and an investment. My theoretical contributions are twofold: First, I argue that property rights can transform in-kind transfers into flexible, reliable wealth transfers, enabling recipients to invest in themselves and their children, regardless of the housing’s location. Second, I demonstrate how housing transfers reduce uncertainty and encourage future-oriented investments, thereby driving long-term wealth accumulation. Using three housing programs as case studies, I show that beneficiaries invest in human or physical capital, improving their employment prospects and income. I also examine mechanisms such as relocation, borrowing capacity, and time horizons, finding strong evidence for the latter two. Overall, the large changes to beneficiaries' economic behavior and outcomes suggest the possibility for important psychological, social, and political effects, which I explore in Chapters 4 and 5.