The Case-Shiller index doesn’t include income (real, or imputed rent), and the index doesn’t go all that far back.
When you include imputed rent, maintenance, and property taxes, it’s much less clear whether residential real estate or equities have better total returns over century timelines.
I was surprised by this, when I read abstracts of a paper about this recently, but it seems to be at least not as settled as I used to think it is.
I'd be terribly interested in a link to the paper you mentioned. I've never seen anything credible which indicated real estate was as profitable as equities over time (but I've been focused on the United States).
I'm not sure how or why Case-Shiller would involve rent or imputed rent. Are you thinking more of commercial real estate?
When you include imputed rent, maintenance, and property taxes, it’s much less clear whether residential real estate or equities have better total returns over century timelines.
I was surprised by this, when I read abstracts of a paper about this recently, but it seems to be at least not as settled as I used to think it is.