Home owners happier than renters

Great Southern Bank’s No Place Like Home report analysed the happiness of Aussies’ living arrangements. According to the data, those who owned a home outright had a happiness score of 74 per cent. For those with a mortgage, this dropped to 67 per cent, while renters fell to 60 per cent.

Meanwhile, over 80 per cent of respondents said their home is their happy place and 85 per cent of aspirational first-time buyers believe a home would make them happier.

“The research is clear – having a home does indeed make you happier, and owning a home makes you (significantly) happier still. More than 80 per cent of people say their home is their happy place, while a similar number also believe that homeownership is central to their happiness,” said Megan Keleher, chief customer officer at Great Southern Bank.

Broken down state by state, the proportion of those happy with their living situation was:

• Tasmania (54 per cent)
• ACT (46 per cent)
• South Australia (43 per cent)
• Queensland (40 per cent)
• Western Australia (40 per cent)
• Northern Territory (36 per cent)
• NSW (36 per cent)
• Victoria (35 per cent)

“Congratulations to Tasmania, crowned as Australia’s capital for happy homeowners. Clearly, it’s not only a beautiful state, but a great place to live. With South Australia coming in second place, lifestyle may also be playing a big role in where homeowners are most happy,” said Keleher.

“While there are challenges to home ownership, this report shows that it also puts you on a path towards a happier future. Our purpose as a bank is to help all Australians to own their own home, which is why we provide a lot of support for people on their home ownership journey. I’d urge renters who are thinking about buying to get in contact with a bank or broker to explore their options.”

There was a connection between home happiness and age, too, likely due to the older you are, the more likely you are to own a home.

Fifty-five per cent of Baby Boomers said they are happy with their current living situation, compared to 39 per cent of Gen Xs, 34 per cent of Millennials, and 32 per cent of Gen Z.

Once again, Tasmania topped the list of the state that believes owning a home is the key to happiness:

• Tasmania (74 per cent)
• South Australia (73 per cent)
• Western Australia (70 per cent)
• ACT (69 per cent)
• NSW (66 per cent)
• Queensland (65 per cent)
• Victoria (65 per cent)
• the NT (64 per cent)

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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