In some countries owning a home rather than renting one is very important for people. Why might this be the case?

The difference between owning a house and renting one is a subtle one as the choice will depend on various reasons: economic and financial reasons, socio-cultural reasons. Many countries present this conception that buying domestic property should be viewed as the desirable goal while paying rent is just an obstacle in the path of full freedom. In my own opinion, both renting and owning a place should be viewed with their positive and negative aspects based on the circumstances. Firstly, owning a house may be viewed as the ultimate desire as possessing something is psychologically better than living in a place where you have to be accountable to a landlord. In the economic model of a rented home, people will have to deposit their money as a form of insurance for possible damages along the way and be required to be paying monthly rent at regular and fixed intervals of time, which is something that may not be a problem in normal times but can be source of distress during downturn conditions. On the other hand, the idea of being lawful possessor of real estate confers personal value to someone and the idea of independence. Except for the cases where a house is bought through loans, full possession of property would enable a feeling of freedom and the idea that whatever happens in the world you would be safe in your own house. It should be considered, however, that the choice between the two option should be thought of carefully. Different age classes may have different preferences. International students, for instance, find buying a house not so desirable as it forces them to establish their lives in a foreign country. It may also be that a real estate market is fully inflated and making the move of buying property may add an asset that will inevitably lose value in the future. Besides the time and monetary costs of doing so are generally higher than just renting an apartment. As a person grows older, finds a full-time job, and is ready to establish roots in a city, going for buying real estate becomes the most financially viable option. Therefore, choosing between the two is a matter of social condition, age, financial and economic conditions. In conclusion, buying a house has its own advantages but doing so must be considered carefully. It is very important that each person includes in the decision process all the relevant factors, their budget, their age, their long-term goals and the general conditions of the local market. Then and only then, should a rational decision be made and choosing to just go for a rent may not be so bad at the end of the day.