How happy does owning your house make you?

IS home ownership the route to happiness? We, as a nation, have always aspired to own our home. Home ownership is seen as a right, as part of our DNA and a vital ingredient for happiness. But is there really any correlation between the levels of home ownership and levels of happiness?

Apparently not, according to a worldwide survey carried out by MSN Real Estate. Ireland’s home ownership rate stands at 67pc, 33rd on the list of countries surveyed, yet in the happiness stakes we come in at 10th. The highest level of home ownership in the world is in Romania where the figure is in excess of 96pc, 81st on the list.

Yet, the countries with the highest happiness figures have modest home ownership rates. An individual’s happiness seems to be linked more to their wealth or net worth than to their level of home-ownership. One issue for our housing market is our belief that wealth equates directly to home ownership.

There are tangible benefits to renting over owning your home. For example, no mortgage repayments, therefore no repossession fears; lower maintenance costs as major repairs are carried out by the landlord; and greater flexibility, which is of real appeal to 30-somethings and under.

But owning your own home does have advantages too — you are likely to be wealthier; you may also be healthier; and have less financial stress. Homeowners tend be more invested in their community and are less transient. And reports indicate that, in general, home owners have higher levels of self esteem — though, that’s debatable, in my opinion.

There seems to be a happy medium — those countries with home ownership rates of around 60-70pc tend to be the richest and happiest. They have a substantial percentage of renters and homeowners with a relatively mobile workforce. The happiest country in the survey? Denmark, a place where home ownership stands at 64.3pc.