Depends. A fake one makes more sense logically, but growing up we always had a real tree. Which was kind of special, going out and cutting it down.
I have been in both camps over the years, for all of the reasons presented. If you go with the fake tree, don't buy a cheap one. Edit: since this is your first tree in a new house, go with the real one this year for sentimental reasons, then splurge on a fake one after Christmas
Opportunity cost. I already have the shed I keep my tree in. It fit in no problem when I first bought it. Now there's at least twice as much crap in that shed.
I have a cheap one. Throwing it out after this year as it has yellowed (it was/is white). Will try to catch a clearance tree, but they go ridiculously fast.
FAKE all the way. Real trees are more headache than they're worth. Besides, do you really want to dirty up your new home with needles, leaked water, and tree sap?
Real tree is about the experience. Just like going to an NFL game, it's a hassle, more expensive, and really time-consuming. But, the experience, especially if shared with family, especially kids, means something. I grew up with real trees (usually cheap, short ones), so I can't imagine raising my kids without sharing that experience too. On the flipside, fake trees are so much easier, pretty high-quality now, and relatively affordable (although a nice one will run you a pretty penny). If you don't have the time or need to share that "experience," then it's not worth it.
It cost's no more for me to store my tree in my garage, attick or one of the closets in my house than it does the rest of my decorations. Come to think of it, my house (and previous appartments back in the day) cost no more or no less regardless if I had a fake tree stored in it somewhere.
