In some countries, owning a home rather than renting one is very important for people. Why might this be the case? writing task 2

 In some countries, owning a home rather than renting one is very important for people.

Why might this be the case?

Do you think this is a positive or negative situation?

 

Many people today value owning their own home over renting. In my opinion, this is part of a natural human desire for security and prestige but it contains risks.

The source of this desire is a need for stability and respect. An individual who does not own their own home must pay rent to a landlord. This hangs over them and necessitates maintaining a job with a steady salary and balancing rent against other living expenses. Once a person owns their own home, they are then able to spend their money more freely and consider different employment without the fear of becoming homeless. Moreover, having a home lends an air of respectability. Only the wealthy are able buy a house and most homeowners take pride in the size and condition of their home as a sign of their social standing.

Nonetheless, home ownership is a negative trend as it forces unrealistic expectations on millions. Most people live in city apartments with rents and are not capable of buying a house. The pressure to buy one is likely to engender feelings of inadequacy and resentment towards the upper classes. This famously fueled the sub-prime mortgage scandals of the early 2000s in the United States when millions borrowed more than they could afford to buy homes, then defaulted on their payments and lost a lifetime of investment. Had these same people opted to rent, they would have saved more money and could have invested in other forms of capital such as the stock market.

In conclusion, owning a home is innately desirable but in the end causes more harm than good due to the pressure it places on individuals. Many people have learned this lesson and home ownership may begin to decline in the future.