"In his classic book Irrational Exuberance, Shiller looked at the history of home prices going back as far as 1890. He found that they've gone up and down, but over the long haul, they've actually grown very little. Between 1890 and 2019, national housing prices grew by less than 0.6 percent per year (after accounting for inflation). That's pitiful! To put that number in perspective, the average real return of the S&P 500, the index of the stocks of the top 500 corporations in America, is about 7%."
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