Has the High Rate of Home Ownership in China Affected Residents’ Subjective Evaluation of Social Status?

Abstract

Objective measures of social status based solely on socioeconomic resources have inherent limitations, impeding an accurate assessment of residents' social status issues. As a result, subjective social status has gained considerable significance in the maintenance of social order and stability. Using 2018 China Family Panel Studies (CFPS) data, we employ the Probit model to empirically examine the effects of home ownership in China on their subjective social status and their influencing mechanism. Our findings indicate that individuals with housing have higher subjective evaluations of their social status compared to individuals without home ownership, and individuals with multiple suites have higher happiness and life satisfaction. Further mechanistic analysis revealed that individuals with home ownership were able to accumulate household wealth and alleviate the sense of relative deprivation compared to individuals without home ownership, thus enhancing their subjective evaluations of their social status.