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

In some nations, it is extremely prefered by the population to buy a house

instead

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

' preferences. In some societies, especially in developing countries, buying a

home

would reveal

people

's social status. It is thought that those who have their own apartments are the highest class of

individuals

. In a recent survey,

this

claim has been proved statistically.

For instance

, comparative figures in that article illustrate that

people

's income is directly connected to their possessions.

As a result

, 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

, the inflation rate has gone up over the past few years in these communities. It has affected

people

'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.

show examples

That is

why they would be forced to rent it

instead

.

This

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

competitive market, rival companies would reduce the prices to survive. If the price declined eventually, many

individuals

would have the chance to have their own buildings.

On the other hand

,

this

competition among constructing managers would lead to a huge increase in the number of those who prefer to buy a

home

.

Additionally

, it would result in competition among buyers who are ready to pay as much money as possible.

That is

a contributing factor in rising houses' prices.

As a result

, a large fraction of

this

society would prefer to have even a small apartment. To sum up, I believe that neither buying a

home

nor renting one can express

people

'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

. If

individuals

had got their priorities prioritised, they would not struggle with these trivial matters today.