An Australian study
led by the University of Adelaide has debunked the belief that owning a home is
a recipe for happiness.
An Australian study led by the University of Adelaide
has debunked the belief that owning a home is a recipe for happiness.
In a study involving more than 10,000 people over a
six-year period, researchers found that while home owners are happier,
wealthier and better educated than renters, home ownership in itself does not
lead to improved mental health.
The study was published in the international
journal Urban Studies.
“Many studies have established major differences between
home owners and renters but our findings suggest that happier and healthier
people are able to afford a mortgage,” said lead researcher Dr. Emma Baker from
the Center for Housing, Urban and Regional Planning (CHURP) at the University
of Adelaide.
“Renting in itself does not make people unhappy
either, but higher proportions of unhappy people end up renting because of
their circumstances,” said Baker.
Owning a home may not be the best outcome for
everyone, Baker cautioned. Previous studies show that, in many cases, low
income households with mortgages struggle financially and these people would
actually be happier and healthier and less stressed if they rented, she said.
“In Europe, renting is far more common and the
socio-economic mix of tenants is more diverse than in Australia so there is
less stigma attached to renting there. A professor or business person can be
living next door to a student or shop worker, whereas that is not as common in
Australia.”
“Renting your home doesn’t seem to affect your
happiness, whereas owning a home that you can’t afford clearly does. Findings
such as these reinforce the need to aim for more than ‘the Great Australian
Dream’,” Baker said.
The article can be found at: Baker E et al. (2012) The Mental
Health Effects of Housing Tenure: Causal or Compositional?
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Source: University of Adelaide.
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