This study examines the relationship between housing and subjective well-being among the Vietnamese elderly, using data from the 2011 Vietnam Ageing Survey. Our regression analysis reveals that permanent housing and better amenities are major factors contributing to housing satisfaction and life satisfaction. Notably, we find that housing satisfaction has a strongly positive impact on life satisfaction and the impact is stronger after controlling for endogeneity problems. Thus, the finding confirms that housing is an important life domain and as a result, housing satisfaction is a strong predictor of life-satisfaction judgments. The findings might suggest that people made a rational choice when they invested a large amount of resources in their houses with notable well-being gains. Also, another implication here is that policies and programs to assist poor families in moving out of temporary accommodation or improving housing amenities are likely to be beneficial in improving well-being for the poor elderly.