[wnissen]

Apologies for replying to my own comment, but apparently they are including the "imputed rent" in the calculation. That is, the amount of rent you would have paid if you didn't own the home. The thing is, you have to live somewhere, so if you didn't own the home you would have been paying rent. That's why the imputed rent isn't included in Case-Schiller, because as an investment you're not living in the home and it would be double counting to assume that you are. So I'm quite skeptical of this analysis that equities are the same rate of return as housing.