I strongly suspect that the study, like many others before it, is flawed in the way it calculates the return on housing investment. In terms of capital gains, I

I strongly suspect that the study, like many others before it, is flawed in the way it calculates the return on housing investment. In terms of capital gains, I see no evidence that like is compared with like, I suspect that a 1930s house is considered the same as a 2010s house for the purpose of capital gain calculation, and no account is made that the house may have been renovated or entirely rebuilt several times. The high cost of buying and selling a house is, I suspect, neglected. I furthermore suspect that in calculating rental return, no account has been made of vacancy rates, agent's fees, insurances, repairs etc. Soooo... in summary, although this report implies that housing has been a better investment than stocks... I suspect it hasn't.