How closely are our homes tied to our overall sense of wellbeing? Is it true that homeowners experience greater happiness compared to renters? We're about to uncover the truth behind this common assumption.

While owning a home can offer stability and a sense of control over our living environment, it is not without its challenges. Financial stress and the responsibility of property maintenance can dampen the initial excitement. So, how long does the satisfaction of homeownership last before we yearn for something more?

In today's episode, we are honored to have Dr. Peggy Kern, an esteemed associate professor at the Centre for Wellbeing Science within the University of Melbourne's Graduate School of Education to help us uncover the complexities beyond the simplistic notion that homeowners are content and renters are dissatisfied.

Tune in to gain valuable insights into the connection between homeownership and happiness and have a deeper understanding of how our living arrangements can impact our overall well being.

Episode Highlights:

00:00 - Is homeownership connected to our sense of wellbeing?

01:24 - Who is Dr. Peggy Kern?

02:16 - How do we measure our well being or happiness? 

04:14 - Explaining the hedonic treadmill and how it relates to homeownership

11:53 - Factors that contribute to the emotional rollercoaster of homeownership

15:08 - The pros and cons of short-term vs long-term thinking

19:13 - Tips for getting into a long-term thinking mindset

23:32 - Common factors found among centenarians that could be contributory to their long life

25:37 - Fact or myth? It takes longer to bounce back from negative experiences

30:56 - How pursuing a dopamine hit impacts decision-making when it comes to property

37:17 - Does one's affluence paradoxically coexist with unhappiness?

39:39 - How important is financial stability to one’s well being?

42:10 - Factors that influence one's perspective on downsizing

43:45 - How can housing choices impact overall happiness and satisfaction?

50:41 - Peggy Kern’s property dumbo

About Our Guest:

Dr. Peggy Kern is an associate professor at the Centre for Wellbeing Science within the University of Melbourne's Graduate School of Education. Originally trained in social, personality, and developmental psychology, Peggy received her undergraduate degree in psychology from Arizona State University, a Masters and Ph.D. in social/personality psychology from the University of California and postdoctoral training in positive psychology at the University of Pennsylvania. Her research focuses on understanding, measuring, and supporting wellbeing across the lifespan. She works with schools and workplaces to examine strategies for supporting wellbeing, and bridging gaps between research and practice. She has published 3 books, over 100 peer-reviewed articles and chapters, and the freely available Palgrave Handbook of Positive Education.

Connect with Peggy Kern:

• Get free and unlimited access to the Palgrave Handbook of Positive Education https://link.springer.com/book/10.1007%2F978-3-030-64537-3
• Find out more about Peggy’s work at: http://www.peggykern.org/
• Connect with Peggy on LinkedIn: https://www.linkedin.com/in/peggy-kern-b1955223/

Resources:

• Buying a new house: Will it actually make you happy? https://bit.ly/3pQuLgn
• Visit our website https://www.theelephantintheroom.com.au
• If you have any questions or would like to be featured on our show, contact us at:
• The Elephant in the Room Property Podcast - [email protected]


• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? https://www.blusk.au
• Work with Chris: [email protected]

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

• Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
• Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765

See omnystudio.com/listener for privacy information.