Measure of happiness

The irony of discussing aspects of happiness over beers - which I still regard as depressants - is interesting. Central to the conversation with SA and IC was whether one could be socio-economically 'poor' and still be happy. Whether someone could work a ungratefully-paying 'clerical' job, come home to 'lower-middle-class' household, battle for basic commodities like clean water and still take pleasures from other aspects of life..ie find happiness. I was of the opinion that this could very well be possible as some of my happiness derived from events that required/neccesiated very little or no monetary resources (money/credit card). But I will be the first to admit that my argument is not qualified enough, as I have always had access to monetary resources and my point of view can not be considered middle-class.
But then, I can not assume that I or my friends have found more happiness than someone who is not as socio-economically privilleged. So, is happiness a social construct? A feel-good factor? A state of mind? A real state of mind? Can it be measured? What would the parameters be? Most of the times, I have found happiness to be relative and an illusion.
The crux of my argument was also that socio-economic status may contribute to happiness, but the two are not correlated. Someone who owns a motorbike may think that a car would bring happiness; whereas one who rides a pushbike may regard happiness as owning a motorbike. IC quipped 'A zen monk could wander with no material possesions and still be happy/content/etc'. So it is relative. And if it is a state of mind, then you can set your own parameters.

The discussion sparked an interest within me to understand what everyone else regards as happiness and a desire to find out if those living below the 'poverty threshold' are indeed happy.