Housing Property Housing Price And Happiness Of Urban Residents

On the one hand,with the rapid economic development,people are more and more concerned about their own happiness when sharing the growing material benefits.In2012,CCTV made a special street investigation program based on happiness by asking people "Are you happy".This simple question reflects people’s attention and aspiration for happiness.The lively discussion of happiness among the media has led to extensive concern and research of academia in recent years.On the other hand,as housing problem is related to the healthy development of economy and people’s living standard in our country,it has always been the focus of discussion.In addition,the tradition idea of living in peace and contentment makes the housing issue more significant because people just feel the happiness and sense of belonging when they heve their own houses.Based on this,the paper will examine the relationship of housing property, housing price and the happiness of urban residents from theoretical and empirical perspective.First,this paper builds a consumer utility model which includes the housing elements,and derives the relationship of housing property,housing price and consumer utility according to consumer utility optimization,then puts forward theoretical hypothesis.Second,this paper uses the data of CGSS2005and CEIC2005to test the relationship of housing property,housing price and happiness of urban residents by the method of ordinary least squares,ordered logit and ordered probit.The results show that residents with housing property have higher happiness than those with no housing property,and the gross area of housing property has a significant positive influence on residents’ happiness. Specifically, when the gross area of housing property reaches a certain threshold level,the price rising will increase their happiness. At last,the robustness test shows that the wealth effect of housing price does not exist in samples of no housing property and limited housing property.The main innovations of this paper have three aspects.First,this paper comprehensively studies the relationship of property rights,gross area of housing property,housing price and the happiness of urban residents for the first time. Second,this paper establishes a pioneering theory model to study the relationship of housing property, housing price and the happiness of urban residents.Third,this paper develops the first discussion about the wealth effect of homeownership.