Real-estate - not what you thought

This is form Yahoo! Personal Finance:

According to the study, home values underperformed stocks and bonds over every five- and 10-year period from 1963 to 2005. Home values have been slightly above the returns on treasury bills during the same time, according to the report, "The Equity You Live In: The Home as a Retirement Savings and Income Option."

Hmm. Not exactly a fair comparison, since if I sold my house and bought equities, I'd have to pay rent, which would, I presume, seriously degrade the equity performance. It seems that a fair comparison should be possible. Where is it?