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Yvain comments on Rational Home Buying - Less Wrong
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That seems to be the reverse of what the research you cited indicates (rich people in rich neighbourhoors of poor counties in America are happy). Don't you want to be in a rich neighbourhood (so you're surrounded by nice things and reminders of your high status) in a poorer region (so you have something worse to compare against) of a rich country (for all the infrastructural benefits that brings)?
I've changed the word "neighborhood" to "area" here, but this was actually the point I was least certain about. A lot of the theory and some studies I see mentioned but can't find do tend to suggest neighborhood, but the Firebaugh study, which is the best I could find an abstract for says not neighborhood but region.
I don't know to what degree that contradicts the earlier results, and since I can't even find full text for Firebaugh, I'm not sure whether it means anything more profound than "try to avoid a house in the middle of a loud dirty ghetto, because you wouldn't like that."
I'm also wary of this whole area because of the controversy around the Easterlin Paradox