In some countries, owning a home rather than renting one is very important for people.

 

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?

Many people today, this is crucial think that owning a home rather than a lease for a period of time. For example in Development Country especially South East Asia that is Indonesia. The mindset of people has grown for their parents that what we called “East Culture and Mindset”, one of the mindset was about owning a home with the land rather than lease or event apartment in my opinion. And I do agree with that not because Indonesia has a large country with thousand island, just only it is the best way for a better living and quality life it self. In my opinion, this is part of the natural human desire for security and prestige but it contains risks.

 

The origin of this desire is a need for sustainability and respect. And the individual who does not own their home must pay rent to the landlord. This hangs over them and necessitates maintaining a job with a steady salary and balancing rent against other living expenses. Once a person owns their own home, they are then able to spend their money more freely and consider different employment without the fear of becoming homeless. Moreover, having a home lends an air of respectability. Only the wealthy are able to buy a house and most homeowners take pride in the size and condition of their home as a sign of their social standing.

 

Nonetheless, homeownership is a negative trend as it forces unrealistic expectations on millions. Most people live in city apartments with rents and are not capable of buying a house. The pressure to buy one is likely to engender feelings of inadequacy and resentment towards the upper classes. This famously fueled the sub-prime mortgage scandals of the early 2000s in the United States when millions borrowed more than they could afford to buy homes, then defaulted on their payments and lost a lifetime of the investment. Had these same people opted to rent, they would have saved more money and could have invested in other forms of capital such as the stock market.

 

To conclude, owning a home is innately desirable but in the end, causes more harm than good due to the pressure it places on individuals. Many people have learned this lesson and homeownership may begin to decline in the future.