Traditionally the definition and analysis of household well-being has focused on the main economic measures of income and wealth. However, there is now an increased interest within the wider economic literature in exploring those measures which contribute to household well-being which can extend beyond purely economic measures. Furthermore, from a farm household perspective, there is increased research and policy interest in the general well-being of farm households, including how decision-making processes within the farm family influence overall well-being. This paper explores the causal effect of both economic an non-economic factors on well-being for farm and non-farm households in Northern Ireland. The methodology incorporates two complimentary data sources. The results suggest that almost three fifths of those living in Northern Ireland report a high level of satisfaction with life overall, with farm households recording a slightly lower rate of life satisfaction compared with the non-farm group. Regression results support the U-shaped life-cycle effect hypothesis. In terms of gender, for farm based females, the level of education and having an off-farm job has a positive impact on life satisfaction compared to males. For males, being in full time employment brings an increase in the life satisfaction overall.