Investment decisions in the sphere of housing policy should be supported by a reliable economic calculus. The methodology of research on effectiveness of housing investments existing in Poland aroused major reservations of the author with regard to its methodical correctness. What is mean there, first of all, is presentation of housing effects in their material forms. The methodological deficiency exerts also its impact on appearance of significant short comings in the applicability sphere. The author advances a proposal of a complete departure from the material form of expressing effects in favour of the value form. A measure of effects may be housing rents.