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 a positive or negative situation?

It is vital for citizens of some

countries

to own a

house

rather than live in rented accommodation. I personally believe, owning a

property

has many benefits over renting. In

this

essay, I will discuss the reason for

this

trend and the advantages of possessing own

house

.   There are many reasons for someone to buy a

house

. Renting

an

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accommodation is expensive in some

countries

.

This

is mainly

due to

the increasing population, a soaring number of immigrant workers and the limited availability of accommodations.

For example

, in Singapore, renting a

house

is expensive,

while

buying a

house

through a mortgage is comparatively a cheaper option.

For

this

reason, many Singaporeans opt to purchase their own properties.

This

trend has been observed in many first-world

countries

, especially in urban areas.

On the other hand

, migrant foreign workers, who have restrictions to buying a

house

in these

countries

are forced to pay a higher rent for their accommodations.

Furthermore

, investing in a

property

is always beneficial in long term. The price and demand of properties are always on the rise.

Although

renting can be a less expensive choice in some parts of the world, tenants are ultimately unable to own a

property

.

Due to

these reasons, if an individual is paying for the monthly leasing rather than the monthly rent, he can enjoy the benefit of owning the

property

.

This

purchased

property

can be an asset for them which gives some form of financial assurance to these individuals.

For instance

, a recent survey done in New York shows that even with the higher interest rates for mortgages people are happy to pay the loan fees than paying for rent. To summarize, people are inclined toward owning a home rather than renting in some

countries

. I strongly believe

this

development has many advantages than disadvantages like providing financial assurance and investment returns.