In some countries, people place great importance on owning a house because it represents stability and financial success. Besides showing financial status, owning a house can give a sense of both, financial and physical security. I strongly agree with this view, as a country’s culture can have a lot of influence on people’s preferences.
On the one hand, if a country does not have a lot of tourists, rent prices could be low, which could lead residents to prefer renting a house rather than paying more money to purchase one.
On the other hand, influence of some countries’ cultures’ can encourage people to own a house. For example, a country’s crime rate is one of the reasons people buy a house for safety. Also, buying a house in a country with unstable economy could be seen as an investment as a house worth 100 thousand dollars could go up to 150 thousand in the future. Another reason for such preference could be financial security.
For example, landlords could raise rent or end contracts; Consequently, renters would have to move from place to place. I think residents’ preference of owning a house suggests a country’s high crime rate, less security and weak economic state, whereas preference for renting a house could suggest low tourism rates. So overall, I think a preference for purchasing a house is a negative situation for a country, as the implications it gives outweigh those of a renting preference.