Housing Assets and Mental Well-being: A Financial Perspective from Longitudinal Chinese Data
DOI:
https://doi.org/10.65455/9mmare10关键词:
Home Ownership, Mental Wellbeing, China摘要
This paper presents a two-layer framework for mental well-being, consisting of the capital layer (human capital, financial capital, and social capital) and the value layer (personal value, family value, and social value). Using nationwide, longitudinal survey data from China (CHFS2011-CHFS2019), we test hypotheses derived from the framework and existing literature. Our results, obtained from a random-effects ordered probit model, suggest a nonlinear relationship between home ownership and mental well-being: the marginal utility of home ownership initially rises, but eventually decreases. Accordingly, China’s housing market is expected to grow in the short term but level off in the long term. Our study finds very weak moderation effects of marriage and children on the ownership-wellbeing relationship. The evidence suggests a transition from a family-oriented value system to a self-oriented one in China.
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