In some countries, owning a house 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?

House

is

one

of the most crucial basic needs of human life. The idea of buying or renting a

house

varies based on the topography you reside in. While in developing nations people opine to purchase the

house

, in developed countries people ought to

rent

the

house

. I opine owning a property always pays off in the long run. In developing countries, people deem fit to purchase the

house

due to various factors socio-economic factors. As the property rates are always escalating and buying the

house

always reaps higher returns than any other form of investment.

For instance

, in India, real-estate has seen an average of 30% appreciation per year in the past 5 years.

Also

, considering the over-population and inflation in

such

countries, owning a

house

also

ensures that future generations have their own roof to live under.

Consequently

, if

one

has to move,

rent

from the owned houses can be used to pay off the

rent

of the new place. In developed countries, where property rates have reached its peak, appreciation on investment might be marginal, making leasing a feasible option. A recent study delineated in Toronto a

house

can be as costly as 22 years of

rent

. Concurrently, in western countries, children rarely live with parents, so buying a

house

to ensure their children's future isn't a major concern. On the flip side, even though not owning the

house

seems viable, it

also

stips

one

off the benefits of earning

rent

, investment appreciations, and living

rent free

Add a hyphen

rent-free

show examples

retired life. In conclusion, if we

rent

the

house

for decades, we don't own them at the end of the tenure, but buying a

house

enables us to generate a bunch of future financial and social positives.

Thus

deeming owning a

house

as a better option than renting

one

.