Posted on Tuesday, July 30, 2019
A few facts.
A survey has shown that owning a property could be the key to happiness. Homeowners are reporting a much greater sense of wellbeing than renters.
If you own a property, either outright or with a mortgage, you’re more likely to have higher levels of life satisfaction than if you’re a tenant.
If you rent in the private sector, it seems that you’re more likely to be satisfied with life than if you’re a Social housing tenant. As you might expect, this group of people s more likely to be unemployed and in poor health.
All this data comes from the Office for National Statistics - and there’s more …
As you might expect, our health tops the list of what makes the biggest impact on our levels of happiness. Those of us in excellent health also enjoy the highest levels of life satisfaction.
Then there’s age - a significant factor too. Younger people report high levels of life satisfaction. There follows a decline in middle age but a significant increase again as we reach old age.
Money plays a major role in people’s level of life satisfaction, but not perhaps in the way you might think.
For example, if you have a higher level of household spending, this is more strongly related to feeling happy than having a high income.
There’s also how you spend your money. Those who spend a high proportion of their disposable income on experiences, such as nights in hotels and eating in restaurants, are much more likely to feel happy with their lives than those who spend on food, insurance and mobile phone subscriptions, even if the amount spent is the same.
In terms of economic activity, no surprises there. Those who have retired are the happiest. Those who are unhealthy of unable to work through illness or disability, the least satisfied.
If you’re married or in a civil partnership, you’re likely to enjoy the highest levels of happiness, whereas those who were separated are most likely to report feeling dissatisfied with their life, followed, unsurprisingly by those who are widowed.
People who were single were slightly more likely to be unhappy than those who were divorced.
Those with dependent children were also likely to feel happier about their lives than those who did not have children at home.
In general, relationships have a greater impact on our sense of life-satisfaction than our economic status.
A nation of aspirational homeowners
So - what should we conclude from this data? It’s clear that, if we’re to achieve the holy grail of true happiness, we should strive to be healthy, married, retired homeowners with children, who regularly eat out.
None of this data may be especially startling. Nonetheless, it’s interesting to find that what we’ve often assumed to be the case, is actually true. Clearly, we’re a nation of aspirational homeowners. It should come as no surprise that those of us who’ve managed to reach the goal of owning their own home will feel more at ease with life, compared to those who are resigned to relying on a rental market, haunted by issues of affordability.
So - with employment levels at a record high and those in work being at the forefront of homeownership, let’s hope that an increasing number of tenants will soon be joining the happy ranks of homeowners - and enjoying the uplift in life-satisfaction that comes with it.
Are you looking to achieve happiness by owning your own home? Then get in touch. We’d love to help you on your way!.
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