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February 4, 2026

Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.

Dear Readers,

This week’s articles question some of our most familiar assumptions. Together, they explore how those beliefs shape policy—and where they may be leading us astray.

Alongside the launch of our new rent-vs.-buy calculator, Kristian Fors and I explore homeownership and the American dream. For many households, renting and investing may be a more effective path to wealth than buying a home. The truth is, an outsized emphasis on property values—driven in part by the “Homevoter Hypothesis”—can obscure financial realities and unintentionally exacerbate the housing crisis.

Next, Christopher J. Calton provides an examination of how flawed data shapes public policy. He analyzes HUD’s “point-in-time” count, arguing that measuring homelessness in the dead of winter introduces a seasonal bias that distorts national statistics and incentivizes policies that hide the unsheltered rather than help them.

Finally, we present two perspectives on the renewed conversation around Greenland. Scott Beyer traces the history of American territorial expansion, arguing that modern environmental regulations and NIMBYism make an Alaska-style success unlikely today. Complementing this view, Allen Gindler contends that the pursuit of “annexation fantasies” has squandered diplomatic discretion, only to return the U.S. to the same cooperation agreements already in place.

Enjoy.

Jonathan Hofer
Managing Editor

Top picks this week
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** Homeownership, Renting, and the American Dream ([link removed])
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** Rethinking the “best” investment in a holistic pursuit of the American dream. ([link removed])
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** by Kristian Fors & Jonathan Hofer
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The emphasis on the value of a single asset class, rather than a holistic view of wealth, creates a political environment in which maintaining high housing costs is treated as a necessary defense of the American dream.
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** The Homo Economicus Rent vs. Buy Calculator ([link removed])
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** The calculator that counts what other miss. ([link removed])
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** by Kristian Fors & Jonathan Hofer
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Several rent vs. buy calculators are available online, including the well-known New York Times calculator. These calculators provide valuable insights—but often greatly underestimate the opportunity costs of the road not taken, from both the renter’s and homeowner’s perspectives.
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** January Is the Wrong Time to Count the Homeless ([link removed])
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** Why winter homelessness counts distort comparisons across states and mislead policy debates ([link removed])
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** by Christopher J. Calton
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Conducting homelessness counts during January is standard practice, but collecting data during the harsh winter undermines the objective.
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** Should the United States Purchase Greenland? ([link removed])
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** Land expansionism helped make America great. A look into the pros and cons of President Trump’s attempt at Greenland. ([link removed])
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** by Scott Beyer
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President Donald Trump’s idea of purchasing Greenland has been widely mocked, if for no other reason than that it feels novel in modern times—but an assessment of its pros and cons is in order.
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** Greenland and the Art of the Deal? ([link removed])
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** How a legally settled alliance issue became a spectacle ([link removed])
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** by Allen Gindler
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The Greenland drama is not normal intergovernmental cooperation among independent and friendly countries.
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** FEATURED BOOK — AVAILABLE SOON!
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** The Independent Guide to the Constitution ([link removed][…]ium=email&utm_campaign=constitutionbook&utm_content=ibd2545)
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** Original Intentions, Modern Inventions ([link removed][…]ium=email&utm_campaign=constitutionbook&utm_content=ibd2545)
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** by William J. Watkins, Jr.
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Drawing on a lifetime of experience in the law—as prosecutor, defense attorney, and constitutional scholar—William J. Watkins, Jr., offers a bold, independent examination of the most important legal document in modern history.
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