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?

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House
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ownership has become significantly important for people in certain countries.
This
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behavioural trend is found to be more common with the younger working population in most places. In
this
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essay, I would like to outline whether
such
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emerging trend is healthy or damaging to
one
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’s life. Owning a
house
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is
one
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of the most significant milestones for a working adult given the amount of investment it entails. Easy availability of housing loans has made it possible for the younger generation to buy a
house
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at a very early age.
However
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,
this
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comes at the expense of long and arduous working hours coupled with minimal social life. Despite
this
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, most people continue to work hard for their dream home. There are two main reasons for
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behaviour in most countries.
First
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and foremost,
house
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ownership is considered as
one
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of the key social status symbol.
Secondly
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, owning a
house
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provides a sense of security, safety and belonging. The individual is not dependent on his or her landlord.
Further
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, investment in real estate is still considered to be
one
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of the best savings options as compared to paying
rent
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monthly, which is an expense item.
On the contrary
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, there is still a large section of the population primarily staying in expensive cities like London, New York, Hong Kong etc. Who cannot afford to own a
house
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and
hence
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continue to
rent
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one
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.
Further
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, people prefer to
rent
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out over owning a
house
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when
house
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valuation is unrealistically high.
In addition
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, people staying for a temporary or short period of time would always
rent
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a
house
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. To conclude, I don’t think owning a
house
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leads to a negative situation provided the individual does a thorough assessment of his requirement and financial condition. He should be able to afford owning a
house
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and
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should not result in any undue financial burden on him.
Submitted by Vijay Agarwal on

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Topic Vocabulary:
  • ownership
  • renting
  • importance
  • sense of security
  • stability
  • financial investment
  • asset
  • customize
  • decorate
  • belonging
  • community
  • potential
  • future generations
  • long-term
  • cost advantage
  • control
  • living space
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