Residents of many countries prefer to rent houses rather than buy them. In this essay, I will discuss how renting can be advantageous by being a budget-friendly option, along with being convenient. Renting, however, comes with a lack of long-term financial security and freedom of personalization.
With regard to advantages, renting offers a pocket-friendly and easy way of acquiring a residence. Nowadays, living expenses have gone up, and average salary has gone down considerably. Owing to this economical dysfunction, renting a house for a thousand dollars a month is much more manageable than buying a house for one million dollars. Furthermore, as people are more prone to changing jobs more frequently now, as suggested by research done on Gen-Z in the British Journal of Economics, changing accommodations quickly and hassle-free can only be accomplished through renting. It is for these reasons that more and more individuals are being drawn to the notion of getting a house on rent.
Conversely, not owning a house can mean that people have no future security of their finances and the freedom to add a personal touch to their surroundings. To better understand this dilemma, we must ask ourselves: “Is land considered a long-term investment?” The answer is always affirmative. In a study done on millennials, 75% of individuals reported feeling relieved and accomplished upon purchasing a house. Having authority over a living space also means that people can decorate their houses however they please, including painting and adding wallpapers or sticky things that are not allowed in rented apartments.
In conclusion, although price and convenience are the advantages of getting a house on rent, the disadvantages include imposed restrictions and future financial instability.