If you live close to friends or family, chances are you might pop around for a cup of tea and a catch up and see them more often than if you lived on the other side of town. Sounds great, right? But what if there are trade-offs, such as a longer commute to work?

Family first

Where you live can influence factors that some experts say boost happiness. We're not talking about being happy because you can afford a luxury mansion with a pool, tennis court and giant walk-in wardrobe. We're talking about choices that are more in your control, such as if you live close to family, close to work and in a property that is not so expensive that puts excess pressure on your budget (although that last point can be particularly tricky).

Research by academic Nattavudh Powdthavee estimates that, for the average English person, seeing friends or family on most days rather than once or twice a week increases happiness by as much as would a pay rise of £15,000 a year.

But it gets tricky because researchers at the University of Zurich find that having a short commute is also a good thing for well-being. They estimate that the average person who spends 46 minutes a day traveling to and from work would need a pay rise of 19% to be as happy as the average person who doesn't commute. Some of the other factors that are said to influence happiness are detailed here.

If your family and friends live a long way from where you work or study, choices need to be made. In a poll on eZonomics, 69% of respondents said they would rather live close to family than have a short commute if they had to choose. Meanwhile 21% picked a short commute as top priority and 11% couldn't choose between the two.

What if your circumstances change?

It's great to talk about living close to family or work, but given the large slice of budgets that property tends to use, costs are a major factor too. Our animated video offers home buying tips primarily for first home buyers – but the ideas are interesting talking points for renters and established owners too.

It suggests doing a thorough analysis of the fees and bills associated with property and asking  "will I still have enough money left over each month for things I enjoy?". The answer might challenge the idea of buying or renting a more expensive property in favour of freeing up extra funds and going for somewhere cheaper.

The video recommends doing a stress test to check if your finances will hold up if circumstances change (such as if you lose a job or have a baby or another major life event happens).

We're not all the same… 

The ING International Survey on Homes and Mortgages polled about 15,000 people in 15 countries about where they live, how they pay for their home and their feelings about it.  The results exposed some fascinating insights about attitudes to homes around Europe.

Turks were the most likely in the survey to have returned to live with friends and family due to financial difficulties, with 18% of respondents saying they have done this. At the other end of the scale were the Dutch, with 3%.

Brits were the youngest to enter the property market, at the median age of 25. This was five years younger than our European consumer median age of 30. Germans tended to buy late, with a median age of 33.

Italians were the most likely to get financial help from family and friends when buying a home, with 62% of homeowners there saying they had this assistance. The Dutch were least likely (16%) followed by the French (25%).