In some countries, owing a home rather than renting is very important. *why might this be the case *Do you think this is a positive or negative development?

In today's fast-growing society it's difficult to find accommodation for everyone as the population of the country is rising at a fast pace. In developing countries, there is always a debate between
people
buying a
house
rather than renting it. Some
people
think that buying a home has a direct relationship with economic growth,
,
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However
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,However
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others prefer a rented
house
. In my opinion, I believe that owning a
house
is an integral part of
people
and
also
the development of the nation.
Firstly
, If many
people
are planning to own a
house
, it incurs several benefits to the neighbourhood as the land value increases and
also
encourages the real estate developers to come up with multiple projects.
This
development could bring many facilities like supermarkets, schools and parks to the locality.
For instance
, In my ,locality I could see that there are several Schools and shops coming up because of new built high rise apartments. it's not only a good idea to own a home but it is
also
said by economists that it is essential for
people
to have shelter. The rented houses are becoming unaffordable among
people
due to urbanization.
people
from rural areas migrate to the metro cities for job opportunities and
this
could result in overpopulation.
This
resulted in an increase in demand for rented houses and
also
overpriced. We
also
face economic crises hitting us hard and
people
tend to lose their jobs during these difficult times and they will not be able to afford the rent. In conclusion, I would like to pen down my opinion saying that it's a nice choice to buy a
house
at earliest as we see several problems like economic crises, urbanization and scarcity of rented
house
. I
also
think that it has some positive effects by eliminating the stress of rental payments and giving substantial financial cushion during hard times.
Submitted by pradeepkumar089 on

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