In some countries, owning a home rather than renting one is very important for people. Why might this be the case? Do you think this is a positive or negative situation?

Homeownership brings a sense of comfort and accomplishment. In some parts of the world, buying a

house

is preferred compared to leasing it. I will discuss in

this

essay the reasons behind

this

and why I believe it to be a good trend. There are multiple significant reasons why owning a

house

is beneficial.

Firstly

, paying for a mortgage is an excellent long-term investment. It is considered a forced saving because, ultimately, the

house

becomes yours.

Conversely

, you will continue to pay rent because the

home

belongs to someone else.

For instance

, starting a mortgage at 30 years old for 30 years means by 60, the

house

is yours.

Furthermore

, payment for a

home

loan is fixed monthly, and any increment is usually predictable and small.

However

, rentals always increase over time, so to afford the same rental for the long term, people will need to downgrade to a smaller

home

. Homeownership is a good trend because it increases someone’s net worth, which is essential to accumulating assets and financial health. It helps in their future investments or career development.

For example

, when paid off, the mortgage will become equity. The owner may sell the

house

at a higher price or refinance. In the end, it gives financial freedom to the possessor. The same would not be seen for those who continue to lease homes. In conclusion, people who possess their own homes will have a long-term investment which in turn helps increase an individual’s net worth, which I believe is a positive trend. Wouldn’t it be great staying in a

home

without needing to pay during our old age?