This study analyzed whether there is a difference in life satisfaction between the elderly living in apartments and the elderly living in single-family homes. In addition, it analyzed what factors affect the overall life satisfaction in old age and how these factors differ depending on the housing type. The subjects of this study are the elderly living in Daejeon and Chungcheong regions, who are 65 years of age or older and were sampled using a probability sampling method. Data were collected using the 2020 Elderly Survey conducted regularly by the Ministry of Health and Welfare. The results of the analysis are as follows. First, there were more elderly people living in apartments in urban areas and more elderly people living in single-family homes in rural areas. However, no significant difference was found between urban and rural areas in terms of life satisfaction in old age. Second, no statistically significant difference was found in life satisfaction between the elderly living in single-family homes and those living in apartments. Third, it was found that economic status and regional environment were factors that greatly influenced life satisfaction for both the elderly living in single-family homes and the elderly living in apartments. Finally, it was found that the frequency of contact with neighbors and friends had a greater impact on the life satisfaction of the elderly than the frequency of contact with children.