Covering the 1969-to-2011 period, the article updates previous estimates of the returns to housing in order to assess the implications of the shifting economic environment of the late 2000s. [...] Determining the implicit income from owner-occupied housing For the purpose of this study, home equity is the value of the requires estimating the value of housing services. [...] SHS did not report the value of the home—this information is Trends in the estimated return to equity, therefore, will be derived from the 2001 Census.6 partially determined by the accumulated equity in the home. [...] For homeowners aged 20 to 29, home equity percentage of the total value of the home—rose with the age was lowest in 2001 (33%); this percentage rose to 40% in 2006, of the homeowner, regardless of the year in question (Chart 2). [...] Because the user cost of a dwelling and its the contribution of implicit income from equity invested in imputed rent tend to equate, the value of housing services can housing fluctuated between 1969 and 1986, from a low of 10.6% be derived by incorporating elements of these two measures.7 in 1969 to a high of 18.3% in 1974; the average for this sub-period The resulting nominal dollar estimates of