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Does Owning Your Home Make You Happier? Impact Evidence from Latin America

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Author Info

  • Inder Ruprah

    ()
    (Inter-American Development Bank, Washington, DC, USA)

Abstract

In this paper we present evidence that homeowners are happier than nonhomeowners and it is homeownership that causes the difference in happiness. The data used is for seventeen Latin American countries obtained from the LatinBarometer surveys. The association between homeownership and happiness is measured by an ordered logit regression with a comprehensive set of sociodemographic control variable with errors clustered at year and country. Happiness and ownership are positively and statistically significantly related. Causality is determined through nonparametric impact measure via the propensity score matching technique. Homeownership causes increased happiness. The impact result is robust to the problem of hidden bias. The impact conclusion also holds in a meta-impact approach where impacts are calculated for each country separately. Owning your home makes you happier, at least in Latin America.

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File URL: http://idbdocs.iadb.org/WSDocs/getdocument.aspx?docnum=35468992
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Bibliographic Info

Paper provided by Inter-American Development Bank, Office of Evaluation and Oversight (OVE) in its series OVE Working Papers with number 0210.

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Length: 21 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:idb:ovewps:0210

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Keywords: Home Ownership; Happiness;

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  1. Richard K. Crump & V. Joseph Hotz & Guido W. Imbens & Oscar A. Mitnik, 2004. "Dealing with Limited Overlap in Estimation of Average Treatment Effects," Working Papers 0716, University of Miami, Department of Economics, revised 12 Jun 2007.
  2. van Praag, B. M. S. & Frijters, P. & Ferrer-i-Carbonell, A., 2003. "The anatomy of subjective well-being," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 29-49, May.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Latin American home owners are happier, unlike US ones
    by Economic Logician in Economic Logic on 2011-03-02 15:44:00

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