Jill buys a house for $1,000,000 with no mortgage. Jill's buying costs were 5% of the house price. Jill lives there for exactly 30 years and sells it. Suppose Jill's annual cost of ownership net of tax savings is exactly equal to the annual rent she would have paid to live in the same house.

Suppose the price of Jill's house grows 4.5% annually (compounded annually). Suppose selling expenses are 8% of the sale price.

What is Jill's annual IRR from owning net of renting?