What's the alternative? I think it comes down to renting or buying. In the long run I'd say that owning leads to more happiness, since rent can be a lot more expensive in the long run (excluding buying during occasional housing bubbles).
The less you own, and the less reliant you are on others and material possessions, the more at peace and happier you will be.
I can't quit my job because of the rent. If I were an owner, I'd be able to quit. So, I exchanged one freedom for the other.