Social Returns to Housing and Other Fixed Capital

Edwin S. Mills

Real Estate Economics, 1989, vol. 17, issue 2, 197-211

Abstract: This paper addresses the efficiency of the allocation of the capital stock between housing and other types of private capital. Using national income data from 1929 to 1986 the returns to housing capital relative to all other private fixed capital are computed. The analysis indicates that the real returns to capital have been much smaller and much more variable for housing than for non‐housing fixed capital in the U.S. economy.

Date: 1989
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