It is becoming increasingly common for people in different nations to consider owning a home more crucial than renting one. In my opinion, this is a very negative development, as it comes from the perception that owning a home is equal to appearing wealthier, even at the cost of sacrificing life savings.
Houses are becoming increasingly expensive, and buying such houses has been attributed to elevated social status. This is because of social media becoming popular among people, which has led individuals to believe owning things, such as an expensive home, means they have climbed the ranks of social strata in their society. This belief often leads them to sacrifice their whole life savings. Another reason is tangible financial security, as homes are an investment, which can be sold off in times of need, or for another business opportunity. For instance, some people buy houses at cheaper rates and sell them when the real estate values go up. As a result, homes are seen both as a status symbol and financial reserve.
Such developments can put more pressure on already burdened societies. While buying real estate can help establish financial security for the rich, it can also lead to a lack of houses for others to either own or rent. For example, many wealthy people buy multiple properties when the prices are low and then hold those assets until the prices rise in the market. This process constricts the supply, which then inflates the rate of remaining properties, ultimately resulting in inflation of house prices, making it harder for ordinary people to afford homes.
To conclude, I believe turning houses into status symbols, or stocks that can be exploited for personal benefit is a largely negative development, and we as a society should work together towards making housing more affordable for everyone in the community.