Yet Another View on Why a Home Is One's Castle
计算了1952-2005年美国房主和房东的股权实际税后回报率，发现住宅综合资产具有高平均净回报、低波动性、与金融资产低相关且能对冲通胀，最优投资组合中住房略多于股票。
We compute equity‐based real after‐tax rates of return for homeowners and landlords in the United States for 1952–2005. The study confirms that a combined aggregate for residential housing provides a high average net return and low volatility, has low correlation with financial assets and can provide hedge against inflation. The efficient frontier analysis shows that the optimal portfolio for a household with a coefficient of relative risk aversion of four to five is one which contains a bit larger amount of housing than stocks, close to what one observes in the real world.