Instead of purchasing a home – investing in a high dividend yield stock?

This is just hypothetical.

Let's say you have $150,000 as a down payment for a $500,000 house.

Instead of purchasing the house, if you're in a situation of not needing to, how bad (or good) of an idea would it be to dump it all into a high dividend yield stock, such as SCHD or any of the others?

If my math is correct, and you keep dumping 20%~30% of your income into it for the next 5-10 years, depending on your income you would be making $20K/yr from dividends alone at the current rate, not calculating for the fact that the stock's value will increase over time (as well as its' dividend yield). Let's pretend and offset that potential stock value % increase with inflation, so lets say it'll still be roughly the same amount of total profit adjusted for inflation

In my current area, $20K/yr is actually a somewhat livable amount of money. If supplemented with anything else or a part time job to have a total of $30~$40K/yr, it would be a pretty good life without needing to do anything and having tons of free time to do whatever.