Prompt: In some countries owning a home rather renting one is very important for people Ċ Why might this be the case? Ċ Do you think this is a positive or negative situation?

In many nations, homeownership is considered to be of great significance. This essay discusses the reasons for this and why I believe it brings merits. Ċ There are two main reasons why owning a house is considered to be of high importance. The main motivation behind its popularity is because it is seen as providing a more stable base for a family. This is because the family home becomes the key place where different generations of a family gather and build cherished memories. For instance, every time I return to my family home it reminds me of all the fun times I have had with my family there, and this makes me feel closer to them. Moreover, houses are seen as a good form of investment. This is because real estate prices usually increase over the long term. Ċ I believe owner-occupancy can be seen as leading to positive outcomes. First, the stability that it provides to families is paramount to social stability. When the bonds between family members are strong, this alleviates problems such as social isolation and depression. This is because when people are surrounded by their family, they feel loved. In addition, property owners build equity in their homes, and this assists them to retire comfortably. They are also better placed to ride out any financial hardship. For instance, during this current pandemic, people who lose their job but have their own houses will not be evicted due to not being able to pay rent. Ċ In conclusion, the main motivations behind homeownership are a desire for a stable family environment and a sound form of investment. This is in my view, highly beneficial as it results in strong social cohesion and financial security.