It is true that owning a house rather than renting on for monthly or yearly is very important for people in some countries.
While there are diverse reasons that it is more crucial to have own house, it is a negative development because it's clear evidence that renting is getting exponentially expensive in some nations that middle class or lower class can't even get their housing.
The main cause of why people are regarding owning a home rather than renting one is because the property market is getting severe to find a proper house at an affordable price. This simply means every housing like monthly or yearly renting is soared because of overpopulation in the country and the government's failed strategy towards the real estate industry. For example, the housing fee in London is extremely high even the people who are currently working in London, are not able to live in the city. Due to the high rent, the majority of people are living in other cities near London. Because London is a well-known city for business, there are millions of people who are living in the city which is driving people exhausted to get a suitable property. Therefore, as we can see in this situation, this phenomenon is mainly coming by overpopulation.
Accordingly, I firmly believe that this overwhelmed real estate market situation needs to be controlled by the government to cool down and get stability because this brings about many people who are stressed out to find their own houses to settle down. For instance, in South Korea, the renting fee is unbelievably bubbled about both renting and owning a house. Hence, people can't own their property just rent a house monthly or yearly. However, this is a very considerable loss for thousands of people. As I've read an article about this housing problem in Seoul conducted by Korean Newspaper, the average monthly rent is 750$, which simply means they should pay 9000$ for every year. However, if they own their own home, they don't need to afford those huge amounts of money on such basic things in their life. While the middle or lower class are suffering from this problem, the high class of people can get more money by selling or borrowing their properties in such exaggerated money. Thus, this problem will not be solved in this mad cycle.
To sum up, it is clear that in some particular cities like capital cities or overpopulated cities, having own dwelling is vital than renting one. However, it is apparent that this phenomenon negatively affects most people. |