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Where can you get 9% yield on housing? Where I live, you can only buy houses at prices that are above what you can get back in rents. You are very lucky if you can get to 1% yields, which is below inflation and not technically a good investment. The only way it still makes "sense" is by speculating on rising prices for real estate. Which is not risk free at all.

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If you buy housing all cash the appreciation and rent (net of expenses) could easily hit 9% per year. If you mortgage it you do pay interest which lowers the yield, but also need to factor in the increase in principal, and that the appreciation is net of your down payment + interest, not the entire sticker price (eg a 10% down purchase of a $1m home financed at 3% that appreciates 6% is actually a 30% yield).

No it doesn't. The interest on the mortgage can be as low as 0.5%, so even if you pay in cash, you would only be at 1,5% yields (with my generous example of achieving 1% yields via the rent).

The "appreciation" is not a given and not risk free at all. Certainly not 9% per year - for how many years do you think that would continue?

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