Nowadays many people hesitate to buy a house or rather to rent it . Discuss both views and give your opinion

It has become commonplace for younger people to rent their homes

instead

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of taking out a mortgage to buy a house. Many factors contribute to their reluctance to purchase houses, including the chronic instability of the housing market, and high costs of living that would discourage people from spending a large portion of their income on long-term debt.

First

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, the housing industry has been through a

lot

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of upheavals since the late 2000s.

For example

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, the 2008 financial crisis has hit the housing industry the hardest in the United States.

In addition

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to

this

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, a

lot

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of Millennials do not believe that buying single-family homes to be a good investment, especially as they will pay mortgage instalments for up to thirty years, all while the value of their actual houses depreciates in the meantime.

Also

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, there are a

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of expenses attached to homeownership including regular repairs and property taxes.

On the other hand

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, renting can be a

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cheaper than a mortgage payment, and moving out to different locations is much easier as long as one finds an apartment at a reasonable price.

Further

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, utility bills and repairs are often bundled with the rental fee or in a fixed deposit. Those short-term perks at the cost of long-term stability can be very attractive to young professionals since the rising cost of living has made it harder to stomach a long investment

such

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as buying a home. In conclusion, there are lots of valid reasons why buying a house is no longer a very attractive option to Millenials and younger people as the economy is no longer as stable as it once was, and the cost of buying a house is no longer proportionate to their income as it has been for their parents.