A Comment on "Tax Rates and Implicit Rates of Return on Owner-Occupied Single-Family Housing"
In the Webb and Rubens article on homeowner rates of returns (Journal of Real Estate Research 2:2), they use a model that tends to underestimate the true returns to housing. Both their model and assumptions are reviewed in the discussion below, and modified using the identical data, to show the extent of the bias, and a more realistic result.
Volume (Year): 4 (1989)
Issue (Month): 1 ()
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- Hendershott, Patric H. & Cheng Hu, Sheng, 1981. "Inflation and extraordinary returns on owner-occupied housing: Some implications for capital allocation and productivity growth," Journal of Macroeconomics, Elsevier, vol. 3(2), pages 177-203.
- William W. Alberts & Halbert S. Kerr, 1981. "The Rate of Return from Investing in Single-Family Housing," Land Economics, University of Wisconsin Press, vol. 57(2), pages 230-242.
- James R. Webb & Jack H. Rubens, 1987. "Tax Rates and Implicit Rates of Return on Owner-Occupied Single-Family Housing," Journal of Real Estate Research, American Real Estate Society, vol. 2(2), pages 11-28.
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