Comparing SP500 and housing leverage

According to

http://realestate.wharton.upenn.edu/research/papers/full/493.pdf

The quarterly standard deviation of unleveraged housing returns is 3.4 percent, which is 6.8 percent annualized. With a 20% downpayment, that’s a 34% stdev.

The SP500 has a standard deviation of around 20%, so to get the same amount of risk I want to be 1.7x leveraged.

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