Journal of Housing and the Built Environment

, Volume 34, Issue 4, pp 965–985 | Cite as

Effects of housing wealth on subjective well-being in urban China

  • Chuanyong Zhang
  • Fang ZhangEmail author


Homeownership means not only having a permanent residence but also generating a considerable financial gain from house value appreciation. This study investigates how housing characteristics affect individuals’ subjective well-being (SWB) in China by using 2011 China Household Finance Survey data. The findings suggest that the channel through which housing characteristics significantly affect SWB mainly depends on housing assets. House value appreciation significantly improves SWB; however, housing debt does not affect the role of house value in SWB. Furthermore, housing wealth has a more significant impact on SWB for low-income homeowners and those living in the eastern region of China. Our findings shed light on potential solutions to enhance the SWB of urban residents. In particular, the government should pay more attention to raising their life satisfaction under the background of high house prices.


Housing wealth House value appreciation Housing debt Subjective well-being Urban China 



This paper supported by National Natural Science Foundation of China (71774057) and Youth Fund Projects in Humanities and Social Science Research of Ministry of Education (15YJC790140).


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© Springer Nature B.V. 2019

Authors and Affiliations

  1. 1.China Institute for Urban Governance & School of International and Public AffairsShanghai Jiao Tong UniversityShanghaiChina
  2. 2.Department of Finance, School of Economics, Faculty of Economics and ManagementEast China Normal UniversityShanghaiChina

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