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That is, any gains from property appreciation have been historically offset by greater gains in the stock and bond markets.
"When considering buying and building wealth through equity appreciation versus renting and reinvesting in a portfolio of stocks and bonds, property appreciation does not change the results," said study co-author Ken Johnson, Ph.D., real estate economist at FAU's College of Business and co-developer of the Beracha, Hardin and Johnson Buy vs. Rent Index. "On average, renting and reinvesting wins in terms of wealth creation regardless of property appreciation, because property appreciation is highly correlated with gains in the traditional financial asset classes of stocks and bonds."
https://phys.org/news/2017-11-homeowners-shouldnt-property-wealth.html