RDP 2014-06: Is Housing Overvalued? Equation (7)

π e = r + c + s + d r e n t / P + p r e m i u m . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaeqiWda3aaW baaSqabeaacaWGLbaaaOGaeyypa0JaamOCaiabgUcaRiaadogacqGH RaWkcaWGZbGaey4kaSIaamizaiabgkHiTiaadkhacaWGLbGaamOBai aadshacaGGVaGaamiuaiabgUcaRiaadchacaWGYbGaamyzaiaad2ga caWGPbGaamyDaiaad2gacaGGUaaaaa@4EB8@