Your Answer ▼ Some people might prefer owning their own home to renting it and having their home is regarded necessary in some country. There are three reasons to explain why this tendency is happening.
First and foremost, in country where people think stability takes precedence over anything like adventurous attitude, owning home can be considered mandatory option. Since renting home means residents are more likely to move around in order to seek a better condition of contracts, individuals can hardly feel stable. Secondly, if they own home, it can be provided to their offsprings as an inheritance. It is expected that the more people think tradition important the more they try to buy house and inherit it to the next generation as a part of tradition. Lastly, once people have home, they are free to decorate inside without asking permit to do unlike when they rent house from others. When a society finds freedom to be very important value, citizens in there tend to be involved in contracts to buy house.
I truly reckon that this social situation will lead to many negative results. For example, if people are keen on buying home and it becomes a sort of competition, people try to buy more real estate than actual their needs. As a result, there would be a high level f shortage of places for people to live and price of apartment will be soaring insanly, inducing "bubble effect". As an example, in Japan, people were trying to rack in real estate when economy in Japan went into boom cycle in 1980S but people had to encounter economic crisis not long ago since lack of apartment made versatile bubble of cost on it.
In conclusion, owing to three reasons mentioned above, people in some countries lean toward having their own assets rather than renting house. Their mindset can cause negative impact on society with economic bubble effect. |