Psychologists Have Investigated Whether Owning A Home Makes Us Happier

The most important thing is a sense of stability.

Homeownership is indeed linked to greater satisfaction with one’s home, but owning real estate alone does not make people happier.

This is the conclusion reached by the authors of studies analyzed in a new article on the impact of housing on psychological well-being, according to Psychology Today (translation by Charter97.org).

Studies in Germany have shown that after buying a house or apartment, people rate their quality of life significantly higher. However, there may not be a long-term increase in overall life satisfaction. One reason for this is the mortgage; loan payments can negate the positive effect of homeownership.

“Homeowners are happiest, above all, when their home is fully paid off,” the authors note. When there is a mortgage and only a small amount of equity, the difference between homeowners and renters narrows significantly.

At the same time, renting in and of itself is not necessarily associated with a decline in psychological well-being. A study of more than 1,400 residents of the United Kingdom revealed a link between private renting and certain biological markers of aging; however, the authors emphasize that such research does not prove a cause-and-effect relationship.

Another pattern appears far more convincing. An analysis of 22 studies showed that frequent moves, the threat of eviction, and high rent costs are more often associated with deteriorating mental health.

“The problem may not be renting itself, but rather the instability that is often associated with it,” the authors suggest.

Thus, it is not so much home ownership that plays an important role, but rather a sense of stability—the ability to settle down in one place and not fear the sudden loss of housing.

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