Yes, it's real.

是的，這是真的。

No, it's not a transplant.

不，這不是移植。

I do appreciate all the compliments and I'm sorry about your girlfriend.

我很感謝大家對我的讚美，對於你女朋友的事我感到很遺憾。

Let's try to stay focused on the content of the video.

讓我們把注意力集中在視頻內容上。

Renting and owning a home can be financially comparable.

租房和買房在經濟上可以相提並論。

This has been the case in historical data in the US and Canada and forward-looking estimates suggest it will be similar in the future.

美國和加拿大的歷史數據顯示了這種情況，而前瞻性的估計表明，未來的情況也會類似。

Renters need to be disciplined savers and investors to make it work, but the expected financial outcomes from renting and owning a home will be different.

租房者需要成為有節制的儲蓄者和投資者，這樣才能實現租房，但租房和自住的預期財務結果是不同的。

I know people want to argue with me on that point, but let's just take it as a given for now and discuss what I think is an even more interesting question.

我知道人們想在這一點上與我爭論，但讓我們暫時把它當作一個既定事實，討論一下我認為更有趣的問題。

Finances aside, are homeowners happier than renters?

拋開經濟因素不談，房主是否比租房者更幸福？

I'm Ben Felix, Portfolio Manager at PWL Capital, and I'm going to tell you how homeownership is related to happiness.

我是 PWL Capital 的投資組合經理本-菲利克斯（Ben Felix），我將告訴你擁有住房與幸福的關係。

Choosing whether to rent or own a home is a huge financial decision.

選擇租房還是買房是一項重大的財務決策。

Owning has the benefit of security of tenure.

擁有所有權的好處是使用權有保障。

Nobody will rent evict you or jack up the rent, but it comes with significant idiosyncratic risk, like major structural problems with the home, and market risk, the risk of the real estate market dropping.

沒有人會租房趕你走或抬高房租，但這也有很大的特殊風險，比如房屋出現重大結構性問題，以及市場風險，即房地產市場下跌的風險。

Renting can be less secure, especially when housing costs are rising rapidly, and it requires more discipline with saving to accumulate wealth, but it's also a lot more flexible and doesn't require owning a big illiquid risky asset.

租房可能不那麼安全，尤其是在房價快速上漲的時候，而且它需要更多的儲蓄來積累財富，但它也更靈活，不需要擁有流動性差的高風險資產。

Based on their unique attributes, depending on your situation, either renting or owning can make sense.

基於它們的獨特屬性，根據您的情況，租房或自住都是合理的。

On average, over a long period of time, financial outcomes for renters and owners should be similar in an and models show they have been similar in Canada and the US for decades, with a slight edge for renters.

平均而言，在很長一段時間內，租房者和房主的財務結果應該是相似的，而模型顯示，幾十年來加拿大和美國的財務結果一直相似，租房者略勝一籌。

I think it's a reasonable starting point to say that renting and owning are financially comparable.

我認為，說租房和買房在經濟上具有可比性是一個合理的出發點。

Even when people agree with me on that point, I'm usually told that life as an owner is just better.

即使人們在這一點上同意我的觀點，我通常也會被告知，作為主人的生活會更好。

A lot of people seem to believe that owning a home is necessary for living a good life.

很多人似乎都認為，要想過上好日子，就必須擁有一套住房。

Being a homeowner is romanticized as a means to happiness, while renting is painted as misery.

成為房主被浪漫化為幸福的手段，而租房則被描繪成痛苦。

I'm skeptical.

我持懷疑態度。

I have owned my home for the last three years, but rented for many years before that, and personally, I'm no happier as an owner.

在過去的三年裡，我一直擁有自己的房子，但在此之前的許多年裡，我一直租房居住。

I'm probably a little less happy because I find home maintenance tasks to be really annoying.

我可能不太開心，因為我覺得家庭維護工作真的很煩人。

If someone is truly happier owning than renting, that's great.

如果有人真的覺得擁有比租房更開心，那就太好了。

Personal preferences matter, but I'm not convinced that owning a home should be prescribed as a path to contentment.

個人喜好固然重要，但我並不認為擁有一套住房是通往滿足的必經之路。

Renting can certainly have its issues.

租房當然也有問題。

Rising rents, unattentive landlords, and unexpected rent evictions are sure to cause headaches, but homeownership can cause headaches too.

房租上漲、房東漫不經心以及突如其來的房租驅逐肯定會讓人頭疼，但擁有房屋也會讓人頭疼。

Being your own landlord is time-consuming and often stressful.

自己當房東費時費力，而且往往壓力很大。

I bought a house because we moved to a rural area without a lot of rental options.

我買房子是因為我們搬到了一個沒有太多租房選擇的農村地區。

I really like where we live now because I can go mountain biking, kayaking, and skiing all within a 15-minute walk from my house, but if I could have found a single-family home for rent in the same area, I would have done that instead.

我很喜歡我們現在住的地方，因為從我家步行 15 分鐘就可以去騎山地自行車、劃皮艇和滑雪，但如果我能在同一地區找到一戶人家的房屋出租，我也會這麼做的。

To be fair to homeownership, an owned home can offer feelings of control, security, and even pride, but renting has its own well-being benefits in its relatively hands-off nature and flexibility.

公平地說，自置居所能給人帶來控制感、安全感甚至自豪感，但租房也有其自身的好處，那就是相對自由的性質和靈活性。

Taken together, it's not obvious whether we should expect owning a home to make people happier on average.

綜合來看，我們是否應該期望擁有一套住房會讓人們平均更快樂，這一點並不明顯。

My personal experience and opinion only take this conversation so far, but the good news is that the question of whether homeowners are happier than renters has been studied extensively using large data sets from Canada, Switzerland, the U.S., and Germany, and the results are pretty insightful.

我的個人經驗和觀點只能把這個話題扯到這裡，但好消息是，關於房主是否比租房者更幸福的問題，已經利用加拿大、瑞士、美國和德國的大型數據集進行了廣泛的研究，結果非常有見地。

The 2021 study Homeownership and Happiness, evidence from Canada, uses panel data from the Canadian National Population Health Survey to examine the impact of homeownership on individual happiness.

2021 年的研究《房屋所有權與幸福：來自加拿大的證據》利用加拿大全國人口健康調查的面板數據，研究了房屋所有權對個人幸福的影響。

The study controls for individual effects that influence happiness, like personality traits, and finds that owning a home has no significant impact on happiness.

研究控制了影響幸福感的個體效應，如個性特徵，結果發現擁有住房對幸福感沒有顯著影響。

This Canadian study does find that in the lowest income category, owning a home negatively impacts happiness, likely due to the financial burden that homeownership creates for lower-income people.

加拿大的這項研究確實發現，在收入最低的人群中，擁有住房會對幸福感產生負面影響，這可能是由於擁有住房會給低收入人群帶來經濟負擔。

Similarly, 2024 data from Statistics Canada suggests that for comparable individuals living in comparable dwellings and neighborhoods, renters and owners report similar levels of satisfaction.

同樣，加拿大統計局提供的 2024 年數據表明，對於居住在可比住宅和社區的可比個人而言，租房者和房主的滿意度相差無幾。

This means that holding things like the type and quality of the dwelling and financial health and marital status of the individual constant, the impact of homeownership on life satisfaction, if there is any, is small.

這意味著，在住房類型和品質、個人財務健康和婚姻狀況等因素不變的情況下，擁有住房對生活滿意度的影響（如果有的話）很小。

This makes sense to me.

我覺得這很有道理。

All else equal, why would owning rather than renting a home make people happier on average?

在其他條件相同的情況下，為什麼平均而言，擁有住房比租房更能讓人們感到幸福呢？

Moving outside of Swiss household panel to find that there is no or even a negative relationship for homeownership making people happy in Switzerland.

跳出瑞士家庭面板，我們發現在瑞士，擁有住房並不會讓人感到幸福，甚至會產生負面影響。

The authors find that other factors such as the financial status of the household, health, age, and partnership have a much stronger impact on happiness.

作者發現，家庭經濟狀況、健康、年齡和伴侶關係等其他因素對幸福感的影響更大。

While the happiness gains that I am told exist seem elusive in the data, future homeowners often overestimate the psychological benefits of owning a home.

雖然我聽說幸福感的提升在數據中似乎難以實現，但未來的房主往往高估了擁有房屋的心理好處。

The 2022 study Does the Dream of Homeownership Rest on Biased Beliefs finds for over 800 future homeowners in Germany that while homeownership does elevate life satisfaction in their sample, it does so much less than people anticipate when they purchase a home.

2022 年的一項研究 "購房夢是否建立在有偏見的信念上 "對德國 800 多名未來的房主進行了調查，結果發現，在他們的抽樣調查中，雖然購房確實提高了生活滿意度，但其作用卻遠遠低於人們購房時的預期。

This is not surprising because people tend to adapt to their circumstances.

這並不奇怪，因為人們往往會適應環境。

The upward bias in expected happiness is stronger for homebuyers who value extrinsic things like status and money.

對於重視地位和金錢等外在因素的購房者來說，預期幸福感的上升偏差更大。

For these people, buying a home may be a status symbol.

對這些人來說，買房可能是身份的象徵。

Compared to people with intrinsic goals like personal growth, intimacy, and community, extrinsically motivated people are less happy and they overestimate the emotional benefits of achieving their extrinsic goals.

與個人成長、親密關係和社區等內在目標的人相比，外在動機的人幸福感較低，他們高估了實現外在目標所帶來的情感益處。

This study suggests that careful thought about why you want to own a home and how it will affect your life is worthwhile.

這項研究表明，認真思考為什麼要擁有一套住房以及它將如何影響你的生活是值得的。

One important consideration is how owning a home will affect how you spend your time day-to-day.

一個重要的考慮因素是，擁有一套住房將如何影響您日常的生活方式。

Happiness is largely shaped by how we spend our time minute-to-minute rather than more stable life circumstances that we adapt to.

幸福在很大程度上取決於我們如何度過每一分鐘，而不是我們所適應的更為穩定的生活環境。

The 2011 study The American Dream or The American Delusion uses data on U.S. women to find that after controlling for income, housing quality, and health, homeowners in the sample are no better off than renters by multiple measures of well-being.

2011 年的研究《美國夢或美國妄想》利用美國婦女的數據發現，在控制了收入、住房品質和健康狀況之後，樣本中的房主在多個幸福指數方面並不比租房者好。

Instead, owners derive significantly more pain from their homes.

相反，業主們從自己的房子中獲得的痛苦要多得多。

A potential explanation is time-use differences.

一個可能的解釋是時間使用上的差異。

Homeowners in the sample spend less time on enjoyable activities like active leisure, which are associated with elevated well-being.

樣本中的房主在積極休閒等愉快活動上花費的時間較少，而這些活動與幸福感的提升息息相關。

As a homeowner myself, I can tell you that home maintenance tasks have stopped me from fun stuff on many occasions.

作為一名房主，我可以告訴你，家庭維護工作曾多次讓我無法享受樂趣。

The other reality for homeowners is that, in most cases, they will need a large mortgage to finance their purchase.

對於房主來說，另一個現實情況是，在大多數情況下，他們需要大筆抵押貸款來為購房融資。

Mortgages are a great way for young people to access leverage, which can be a good thing financially, but a big pile of debt can take a psychological toll.

抵押貸款是年輕人獲取槓桿的好方法，這在經濟上可能是件好事，但一大堆債務可能會造成心理傷害。

The 2024 study In Debt But Still Happy uses panel data from Germany to find a positive relationship between housing satisfaction and homeownership, but no significant positive effects of a home purchase on life satisfaction in the long term.

2024 年的研究 "負債但依然快樂"（In Debt But Still Happy）利用德國的面板數據發現，住房滿意度與住房所有權之間存在正相關關係，但從長期來看，購房對生活滿意度沒有顯著的積極影響。

The authors show that mortgage debt negatively impacts life satisfaction, and increasingly so with larger mortgages relative to incomes.

作者的研究表明，房貸債務會對生活滿意度產生負面影響，而且相對於收入而言，房貸越多，負面影響越大。

They conclude that the mortgage burden of owning a home can offset any positive psychological effects of homeownership.

他們的結論是，擁有房屋的抵押貸款負擔會抵消房屋所有權帶來的任何積極心理影響。

This is particularly relevant in Canada right now, where the government has relaxed mortgage rules to allow people to borrow more money to purchase homes.

這一點目前在加拿大尤為重要，因為加拿大政府已經放寬了抵押貸款規定，允許人們借更多的錢來買房。

If people incorrectly believe that buying a home will make them happy, or overestimate the happiness benefits of owning a home, and take on a huge amount of debt to do it, they may end up less happy overall.

如果人們錯誤地認為買房會讓他們幸福，或者高估了擁有住房的幸福感，併為此揹負鉅額債務，那麼他們最終可能會降低整體的幸福感。

Choosing how to pay for housing is an important life decision with financial and non-financial implications.

選擇如何支付住房費用是一項重要的人生決定，會產生財務和非財務影響。

Financially, renting and owning should have similar long-term wealth outcomes.

從財務角度看，租房和自住的長期財富結果應該是相似的。

Non-financially, owning a home is unlikely to increase your life satisfaction, and if it does, it probably won't increase it as much as you expected.

在非經濟方面，擁有一套住房不太可能提高你的生活滿意度，即使能提高，也可能沒有你預期的那麼高。

In some cases, owning a home may even decrease happiness by soaking up your active leisure time with home maintenance tasks and saddling you with a big pile of debt.

在某些情況下，擁有一套住房甚至會降低幸福感，因為房屋維護工作會佔用你的閒暇時間，讓你背上一大堆債務。

There are good reasons to buy a home, like wanting to secure your housing in the specific location that you want to settle in, but buying a home on the expectation that it will make you happier is likely to lead to disappointment.

買房的理由有很多，比如想在自己想定居的特定地點安家，但如果期望買房能讓自己更幸福，很可能會失望而歸。

Thanks for watching.

感謝觀看。

I'm Ben Felix, Portfolio Manager at PWL Capital.

我是 PWL Capital 的投資組合經理 Ben Felix。

If you want to learn more about how PWL helps people make important financial decisions, book a meeting with us below.

如果您想進一步瞭解 PWL 如何幫助人們做出重要的財務決策，請在下方與我們預約會面。