The Relationship Between Homeownership and Life Satisfaction in Germany

Zumbro, Timo

doi:10.1080/02673037.2013.773583

Cited by 111 publications

(78 citation statements)

References 24 publications

(13 reference statements)

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“…There are studies for the United States (Bucchianeri, 2009;Rohe & Lindblad, 2013), EU countries (Diaz-Serrano, 2006;Elsinga & Hoekstra, 2005;Kemeny, 2002), and Germany (Zumbro, 2014). There are few studies for developing countries.…”

Section: Literature Reviewmentioning

confidence: 97%

Home ownership and residential satisfaction: Evidence from Hangzhou, China

Huang

2015

Habitat International

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Section: Literature Reviewmentioning

confidence: 97%

Home ownership and residential satisfaction: Evidence from Hangzhou, China

Huang

2015

Habitat International

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“…The magnitude of this effect is substantial: an increase in relevant others' home-ownership rates from the 25 th percentile (56 percent) to the 75 th percentile (85 percent) of the sample, would lead, on average, to a decrease in owners' life satisfaction of -.0.11. To put this effect into context, Zumbro (2014) found becoming a home-owner with a low financial burden (in Germany) led to an increase in life satisfaction of only 0.09 (and this was on a 10 point scale!). As another benchmark, Fujiwara (2013) found that when respondents in BHPS began reporting damp and neighbour noise, each was associated with a -0.05 decrease in life satisfaction, and these were the two most damaging housing problems.…”

Section: Relevant Others' Home-ownership Rates (Or Consumption)mentioning

confidence: 99%

“…There is quantitative evidence that home-owners have higher life satisfaction (e.g. Zumbro, 2014), mental health (Manturuk, 2012), and ontological security (e.g. Saunders, 1990); and that children of home-owning parents do better at school (e.g.…”

Section: Introductionmentioning

confidence: 99%

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Home-ownership as a social norm and positional good: Subjective wellbeing evidence from panel data

2017

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Much attention has been devoted to examining the absolute benefits of home-ownership (e.g. security and autonomy). This paper, by contrast, is concerned with conceptualising and testing the relative benefits of home-ownership; those benefits that depend on an individual’s status in society. Home-ownership has previously been analysed as a social norm, implying that the relative benefits (costs) associated with being an owner (renter) are positively related to relevant others’ home-ownership values. The theoretical contribution of this paper is to additionally conceptualise home-ownership as a positional good, implying that the status of both home-owners and renters is negatively related to relevant others’ home-ownership consumption. The empirical contribution of this paper is to quantitatively test for these relative benefits in terms of subjective wellbeing. We run fixed effects regressions on three waves of the British Household Panel Study. We find that (1) a strengthening of relevant others’ home-ownership values is associated with increases (decreases) in the subjective wellbeing of home-owners (renters), and (2) an increase in relevant others’ home-ownership consumption decreases the life satisfaction of owners but has no effect for renters. Overall our findings suggest that (1) the relative benefits of home-ownership are both statistically significant and of a meaningful magnitude, and (2) home-ownership is likely to be both a social norm and a positional good. Without explicitly recognising these relative benefits, policymakers risk overestimating the contribution of home-ownership to societal wellbeing.

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“…Même en Allemagne où la majorité des ménages sont locataires, les propriétaires sont plus satisfaits de leurs conditions de logement que les locataires (Zumbro, 2014). La volonté de posséder son « chez soi » et de se constituer un patrimoine est décisive.…”

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L'évolution en Europe du profil des ménages propriétaires pendant la crise

Bayon¹,

Madec²

2014

Revue d'Économie Financière

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La préférence pour la propriété, thématique largement dévelop-pée dans la littérature (Taffin, 1991 ;Bosvieux, 2005 ;Vorms, 2014), est généralisée. Même en Allemagne où la majorité des ménages sont locataires, les propriétaires sont plus satisfaits de leurs conditions de logement que les locataires (Zumbro, 2014). La volonté de posséder son « chez soi » et de se constituer un patrimoine est décisive. Les ménages sont prêts à payer plus cher pour le logement pendant leurs années d'activité, pour aborder la retraite, souvent sy-nonyme de perte de revenus, en étant propriétaires et sans charges de remboursement (conformément à la théorie du cycle de vie ; Laferrère, 2012). Dans un contexte où le financement futur des retraites revient régulièrement au coeur des débats de politique économique, l'achat de la résidence principale permet aussi de mieux faire face aux dépenses liées au vieillissement, puisque ce bien peut être revendu (totalement ou en viager). Pour autant, l'achat nécessite le plus souvent un recours au crédit et dépend donc du fonctionnement du marché hypothécaire et des conditions de crédit (apport personnel demandé, taux d'intérêt, durée d'emprunt, etc.). Ces conditions diffèrent sensiblement d'un pays à l'autre et varient aussi au cours du temps (BCE, 2003(BCE, et 2009. La baisse des taux d'intérêt au cours des années 2000 ainsi que la concurrence accrue entre établissements bancaires ont favorisé la dis-* OFCE (Observatoire français des conjonctures économiques) ; Sciences Po.

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The Relationship Between Homeownership and Life Satisfaction in Germany

Cited by 111 publications

References 24 publications

Home ownership and residential satisfaction: Evidence from Hangzhou, China

Home ownership and residential satisfaction: Evidence from Hangzhou, China

Home-ownership as a social norm and positional good: Subjective wellbeing evidence from panel data

L'évolution en Europe du profil des ménages propriétaires pendant la crise

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