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

This essay question is from Cambridge IELTS 15 Test 1 Writing Task 2.

In certain societies, it is crucial for people to own a home rather than renting. This perception stems from the belief that owning a home elevates one's financial standing in the eyes of others, something that a rented house cannot satisfy. However, this societal pressure to own a home may have adverse effects on individuals, leading to diminished happiness due to the financial burden of mortgage loans.

The prevailing notion in many communities is that owning property signifies prosperity and stability. With soaring real estate prices, homeownership has become a marker of affluence, seemingly accessible only to those with substantial income. Consequently, those who own homes are often regarded as financially secure and well-established members of society. For instance, in cultures of many developing countries, owning a home is a prerequisite for marriage for many, as it is perceived as a demonstration of the man's ability to provide for the family financially.

Nevertheless, the pursuit of homeownership comes with its own set of challenges and sacrifices, potentially detracting from one's overall well-being. Many individuals commit to substantial mortgage loans to secure a home, often stretching their financial resources thin. Therefore, they may find themselves restricted in their ability to pursue leisure activities or indulge in experiences that contribute to their happiness. The financial strain of homeownership can overshadow the perceived status it brings, leading to a paradoxical decrease in overall satisfaction and fulfillment.

In conclusion, while homeownership symbolizes financial success, it can detract from personal happiness. Societal pressures to conform to own homeownership norms may prompt people to prioritize financial image over overall well-being. Reevaluating cultural norms around homeownership is essential for a balanced, fulfilling life.

Some words with definition
Homeownership: The state of owning a home or property.
 Success: Achievement of an aim or purpose.
 Happiness: The state of being happy or content.
Mortgage loans: Loans provided by banks or financial institutions to individuals to purchase property, with the property itself serving as collateral.
 Prosperity: The state of being successful and wealthy.
 Stability: The quality or state of being stable, firm, or secure.
 Real estate: Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.
Affluence: The state of having a great deal of money or wealth.
Challenges: Difficulties or obstacles that need to be overcome in order to achieve a goal.
 Sacrifices: Giving up something valued for the sake of something else regarded as more important or worthy.
 Leisure: Free time or time spent away from one's usual work or duties.

Fulfillment: The achievement of something desired, promised, or predicted.
Encompasses: To include or contain within its scope or range; to surround or enclose.
Entrenched: Firmly established and difficult to change; deeply rooted or ingrained.
 Conform: To comply with rules, standards, or expectations; to behave or act in accordance with prevailing customs or conventions.
Prerequisite: A necessary condition or requirement for something else to happen or be possible.
 Detracting: To diminish or take away from the value, importance, or quality of something.
Paradoxical: Involving or characterized by seemingly contradictory or conflicting qualities or elements.
 Sustainable: Capable of being maintained or continued over the long term without depleting natural resources or causing harm to the environment or society.
. Fostering: To promote the growth or development of something, often in a nurturing or supportive manner.