Single-Family Housing and Wealth Portfolios

G. Donald, Tony Wingler and Daniel Winkler

Journal of Real Estate Portfolio Management, 2006, vol. 12, issue 1, 13-22

Abstract: Executive Summary. This paper explores the risk and return of a portfolio of single-family housing during 1978:1-2001:4 in the context of a portfolio of financial assets. Homeownership offers higher returns to those who have higher tax brackets, longer investment horizons and use more financial leverage. Housing returns are positively correlated with large-stock returns and negatively correlated with returns on small stocks and debt securities. Portfolio allocation to housing is large in a minimum variance portfolio, and it increases with longer holding periods and higher tax brackets. Homeownership risk and return vary widely among the forty-two MSAs studied, and within an MSA, housing returns exhibit substantial variation.

Date: 2006
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DOI: 10.1080/10835547.2006.12089734

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