Stats › Langetermijnrendementen › Housing returns
Housing beat equities in six countries, lost in five, and tied in five
| Comparison | Equities | Housing | Winner |
|---|---|---|---|
| Real geometric, 1870 to 2015 | 4.64% | 6.61% | housing |
| Real arithmetic, 1870 to 2015 | 6.89% | 7.05% | housing, narrowly |
| Real arithmetic after 1950 | 8.28% | 7.44% | aandelen |
| Output weighted after 1980 | 8.98% | 5.39% | equities by 3.6 points |
| Standard deviation, full sample | 21.94 | 9.98 | housing |
| Country count, long run | 5 wins | 6 wins | 5 ties |
| Country count after the war | 9 wins | 3 wins | - |
All figures from the same paper, including the rows that cut against its headline. Housing's advantage comes from the geometric mean and the volatility, not from the arithmetic level of return, and it reverses in the modern era. The paper reports no standard errors, no t statistics and no confidence intervals for any of these.
The study behind the claim that housing outperforms equities reports that over the long run housing won in six countries and equities in five. After the second world war equities were best in nine countries and housing in three.
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