In some cultures, a general consensus among individuals is that buying a property is a more reasonable decision than renting one. This essay aims to explore the reasons behind this phenomenon. It also outlines that it is a positive development by examining and evaluating the potential consequences.
According to some research conducted by the World Bank, the percentage of residents owning a house is often very high in East Asian and European countries, at over 80%, compared to other regions around the globe. This obsession with property can be explained from a socioeconomic perspective. Economically, East Asia and Europe are two of the most affluent regions in the world and are home to a large number of middle- and upper-class consumers who can afford to purchase a house either in full or in monthly installments. Socially, in three East Asian societies (China, Japan, and South Korea), there is an innate belief that an independent adult should possess an apartment, and owning a property serves as a prerequisite for getting married or starting a family life. For instance, before marriage, my brother and sister-in-law spent most of their savings on a two-bedroom apartment last year, like most Chinese couples do.
I believe that it is a positive trend. This is primarily because owning a house or apartment can make our lives safer and more secure. When a large majority of people reside in an owned apartment, they no longer need to worry about increasing monthly rent or sudden homelessness in cases of unemployment. In addition, if the bulk of citizens of a country are housed in permanent accommodation, the crime rate will concomitantly go down. A case in point is Singapore, a country renowned for high home ownership and the world’s lowest crime rate. Many Singaporean government officials contend that Singapore’s long-term commitment to “a home for everyone” has positively curbed Singaporeans’ radical and irrational criminal activities. Thus the advantages that owning a property offers tend to be far-reaching and significant. On the contrary, in some countries where home ownership remains at a low level, people are often faced with higher risks of homelessness and are more predisposed to violent crimes in economically difficult times.
To conclude, people’s desire to buy a house stems from various socioeconomic factors, including a society’s purchasing power and its cultural attitudes. While people from certain countries prefer renting a living place to buying one, the advantages of owning a house far outweigh those of house renting.