In some countries owning a home rather than renting one is considered very important. Why might this be the case? Is this a positive or negative development?

In some countries, people prefer to own a

home

as compared to renting

one

. I am inclined to agree with the argument that buying a

home

is more positive than renting. Buying a

home

comes with a number of pros as compared to renting.

Firstly

there is the added sense of belonging that arises when

one

stays in a

place

they own. As

such

, they are likely to make a conscientious effort to maintain, upkeep and design their

home

the way they desire.

This

results in an increased quality of life.

Furthermore

,

Correct your spelling

homeowners

show examples

home owners

Correct your spelling

homeowners

show examples

have a permanent

place

to stay and they do not need to worry about problems

renters

face.

One

such

problem is gentrification which has displaced many people from their homes due to a drastic increase in rent prices in cities

such

as New York where approximately 1.1 million low-income households are at risk or already experiencing gentrification pressures.

Furthermore

, owning a

home

can

also

be a status symbol and an asset that can be used to generate income when the property reaches its maturity level.

However

, the benefits of renting a

home

must

also

be considered in

such

an argument.

One

such

benefit is the fact that

renters

do not need to pay property taxes as they are generally paid by the owners. In many countries, these property taxes can be really high at approximately 1-2%.

Moreover

,

renters

do not need to worry about maintenance, repairs and utility bills

such

as power and gas.

This

could result in a smaller monthly expenditure and ease of tracking expenditures as

renters

usually only pay

one

sum to the owner every month.

Furthermore

,

renters

have more flexibility as they can easily change the

place

their renting.

This

could make it more attractive to younger individuals who would want to stay near their workplace to reduce commute times and costs. Despite that, I am still strongly inclined to say that the preference of buying a

home

as compared to renting

one

is a positive situation due to the increased sense of belonging and security that arises from it. The constant worry about whether there is enough to pay

next

months’ rent is not

one

that homeowner’s experience.

Furthermore

, for families with

children

, a permanent

home

for the

children

to grow up in leads to more fond memories and better development for the

children

.

Additionally

, when families who rent move, the

children

’s lives are uprooted as they tend to change schools, lose the friends that they made and have to start over in a

place

where they are strangers.

This

could lead to feelings of loneliness and becoming a social outcast if they are not accepted by their peers. Both of which are detrimental to the upbringing and development of

children

.