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
ownership has become significantly important for people in certain countries.
This
behavioural trend is found to be more common with the younger working population in most places. In
this
essay, I would like to outline whether
such
emerging trend is healthy or damaging to
one
’s life. Owning a
house
is
one
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
at a very early age.
However
,
this
comes at the expense of long and arduous working hours coupled with minimal social life. Despite
this
, most people continue to work hard for their dream home. There are two main reasons for
such
behaviour in most countries.
First
and foremost,
house
ownership is considered as
one
of the key social status symbol.
Secondly
, owning a
house
provides a sense of security, safety and belonging. The individual is not dependent on his or her landlord.
Further
, investment in real estate is still considered to be
one
of the best savings options as compared to paying
rent
monthly, which is an expense item.
On the contrary
, 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
and
hence
continue to
rent
one
.
Further
, people prefer to
rent
out over owning a
house
when
house
valuation is unrealistically high.
In addition
, people staying for a temporary or short period of time would always
rent
a
house
. To conclude, I don’t think owning a
house
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
and
this
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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