> disproportionately affects people's sense of content and wellbeing

It's probably not just homeownership, but the cost of real estate as a whole. And not even just residential. Isn't the often-lamented "loss of third places" at least in part due to those places not being able to pay rent unless they heavily monetize?

I've also heard the theory that the arts often take off in an area when real estate prices drop and it suddenly becomes possible to build cheap art studios and such. No proof or anything, just something I've heard random people talk about online, but it makes some sense.