In today’s world, it has become difficult for adult individuals to afford to buy their own home. This essay will explore how rising property prices and stagnant wages contribute to this problem and how, through affordable housing schemes and increasing wages, this problem can be curtailed.
There are many reasons why young people find it difficult to afford to buy their own house. Firstly, rising property prices can be labeled as the root cause of this problem. As economies have shut down in many countries due to poor government policies, the prices of property increase day by day, and adults do not have enough resources to buy their own houses. Take an example of China, where the economy fell down due to a crisis, the property prices are high, and adults do not have the budget to buy their own houses. Thus, rising property prices can be considered as the fueling force behind this issue.
Secondly, apart from rising property prices, stagnant wages are also a major contributing factor in this menace. As most of the young generation work in private organizations due to bad policies of the government, private companies do not pay their employees increased wages. For instance, according to a survey in Germany, the young generation cannot afford to buy their own houses due to stagnant wages. Hence, stagnant wages can be considered as the breeding ground of this issue.
However, there are certain viable measures that can be taken to help adults buy their own houses. The primary solution I believe would be affordable housing schemes. The government should introduce new housing societies on easy installment plans so that adults can buy their own houses on installment plans. Furthermore, increasing wages can also be an effective solution. Private companies should increase wages and give bonuses to their employees.
To sum up, even though rising property prices and stagnant wages are extremely widespread in many societies, I believe that through affordable housing schemes and increasing wages, this problem can be tackled.