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

In developing countries like India, accommodation is always a problem because of increasing population density. Many people like to live in their own homes rather in rented one because of comfort and security. In my opinion, financial capacity of person concludes that situation is positive or negative. To embark with, the underlying reasons attributed to this ideology are two-fold. Primarily people owing a home neither need to worry about the landlords nor have worry to pay monthly rent. Hence, they can save money or use for more productive purpose which they would have to pay if they rent a home. Besides this, people consider home as most secure and safe place. As such, they like to decorate and lavish it with all amenities that directly contributes in terms of comfort. It has been proven many times that people live in self-owned homes are more happier than people living as tenants. The question arise, Is this perspective negative or positive? I believe, it varies from person to person. For people who are affluent enough to buy own house or have few financial liabilities, their house is asset. Hence, buying house remains a positive situation for them. However, due to sophisticated budget, buy or construct own house is still a dream for many middle class or lower class families. For this they need to take loan at high interest rates. As a result, they have to pay interest and principal amount on monthly basis. Furthermore, the electricity and overhead costs get added to their everyday expense. To conclude, I feel owing home is a pleasure experience if done within a budget; however, it could turn into negative situation when a person buys a home by getting a loan that is beyond their paying capacity.