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?
In some nations, people think it is very important to be a homeowner rather than a renter. I believe the primary cause of this phenomenon is that becoming a homeowner changes how a person’s financial status is evaluated by others. However, it should be seen as a negative situation for homeowners since they may become less happy as a result of mortgage loans.
Owning a home means higher perceived financial status. Nowadays, house prices are extremely high, which means a home is not something someone in the lower middle class or working class can afford to buy. That is to say, if a person owns a home, others will think that this person has a high-paying job and is doing very well financially. For example, in China, many women will only consider marrying men who own their own homes because they think these men have enough money to provide a comfortable family life.
However, I think purchasing a house or an apartment can make a person less happy. Many people have borrowed hundreds of thousands of dollars from their bank to buy a home. After paying their mortgage every month, they may not have much money left to spend on activities they enjoy, such as visiting another city and dining in a nice restaurant.
In conclusion, the main reason why home ownership is important for people in some countries is that these people think it can increase their perceived financial standing. Nevertheless, it can lead to a decrease in happiness and as a result is a negative situation for them.