[rsynnott]

> Yet a bigger house and yard naturally translates to a higher quality of life.

_Does_ it? I live in a 65sqm terraced house within walking distance of Dublin City Centre. For the same money I could probably get a 2-300sqm house in the middle of nowhere, but I'd have a far lower quality of life (at least subjectively; people who value space more than commute times might disagree, I suppose...)

Smaller houses in European countries vs the US is to some extent a function of differences in urban design. Though it's not like small expensive urban housing doesn't exist in the US; I'm sure many people who live in small apartments in New York think their quality of life is just fine.