In some countries, owning a home rather than renting one is very important for people. Why might this be the case?

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In some nations, it is extremely prefered by the population to buy a house
instead
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of renting it. It can be considered from different aspects to find the reasons. I believe that it can be either positive or negative based on
individuals
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' preferences. In some societies, especially in developing countries, buying a
home
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would reveal
people
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's social status. It is thought that those who have their own apartments are the highest class of
individuals
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. In a recent survey,
this
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claim has been proved statistically.
For instance
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, comparative figures in that article illustrate that
people
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's income is directly connected to their possessions.
As a result
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, the fraction of the population with low-paying jobs might not have as much money as they need. So, it leads to renting a house rather than buying one.
Moreover
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, the inflation rate has gone up over the past few years in these communities. It has affected
people
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's decisions drastically. Due to the high expenses of life, low-income families might not manage their salary to pay for an apartment they dream
.
Change preposition
of.
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That is
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why they would be forced to rent it
instead
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.
This
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phenomenon has some benefits and consequences. Communities have to keep up with their population's demands. It means that a large number of construction companies would be established. Due to
this
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competitive market, rival companies would reduce the prices to survive. If the price declined eventually, many
individuals
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would have the chance to have their own buildings.
On the other hand
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,
this
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competition among constructing managers would lead to a huge increase in the number of those who prefer to buy a
home
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.
Additionally
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, it would result in competition among buyers who are ready to pay as much money as possible.
That is
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a contributing factor in rising houses' prices.
As a result
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, a large fraction of
this
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society would prefer to have even a small apartment. To sum up, I believe that neither buying a
home
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nor renting one can express
people
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's social level. The only significant factor that should be taken into consideration is preferences. It depends on what their priorities are to decide either buy or rent o
home
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. If
individuals
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had got their priorities prioritised, they would not struggle with these trivial matters today.
Submitted by parniyanfarvardin on

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