RDP 2014-06: Is Housing Overvalued? Equation (5)

O v e r v a l u a t i o n = P P * = r + c + s + d π r e n t P = u s e r c o s t r e n t a l y i e l d . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaam4taiaadA hacaWGLbGaamOCaiaadAhacaWGHbGaamiBaiaadwhacaWGHbGaamiD aiaadMgacaWGVbGaamOBaiabg2da9maalaaabaGaamiuaaqaaiaadc fadaahaaWcbeqaaiaacQcaaaaaaOGaeyypa0ZaaSaaaeaacaWGYbGa ey4kaSIaam4yaiabgUcaRiaadohacqGHRaWkcaWGKbGaey4kaSIaey OeI0IaeqiWdahabaWaaSaaaeaacaWGYbGaamyzaiaad6gacaWG0baa baGaamiuaaaaaaGaeyypa0ZaaSaaaeaacaWG1bGaam4Caiaadwgaca WGYbGaaGPaVJqaciaa=ngacaWFVbGaa83Caiaa=rhaaeaacaWGYbGa amyzaiaad6gacaWG0bGaamyyaiaadYgacaaMc8UaamyEaiaadMgaca WGLbGaamiBaiaadsgaaaGaaiOlaaaa@6C52@