In some countries, owning a home rather than renting is very important for people.
Why might this be the case?
Do you think this is a positive or negative situation?
In some countries, buying an estate for residential purposes is considered more important than renting. In my opinion, this is because it offers more freedom and stability in the long run. I consider this trend as a positive situation with many advantages, although there are several adversities that must be faced to achieve house ownership.
Some societies put emphasis on house ownership due to several advantages. Buying a house would allow us to have full possession of the house for our entire lives, or until a determined period (ie. if we sell it). The first advantage to this situation is that we can renovate the house and conform it to our own architectural and style preferences. We have freedom to paint the walls, change the room arrangement, or maybe demolish some parts of the building, without having to adhere to certain rules like we would have to if we rent a house. The second advantage is the stability that it offers. We can choose to stay in a that place for a long time and not have to move around. It would be less of a hassle. This is of particular importance if we already have a family and children. Another positive impact is that we could be more connected to our neighbours and the surrounding community.
However, buying a house nowadays is not cheap. Estate prices are ever increasing in a rate that is exponential. This is due to the also increasing price of land. Therefore, in order to be able to afford house ownership, most people would have to work very hard and save money. Some people could also use credit schemes, which would make the house price more expensive. Sometimes it takes years until the loan pays off.
Overall, I think it's good that in some countries people strive to buy their own house even though it's not always an easy task.