Question

Is home ownership good or bad for an individual? Discuss why or why not.

Write two to three large paragraphs

Answer 1

In my opinion the ideal of home ownership is wonderful and there are several benefits, not least of them the fact that individual mortgage interest payments are tax deductible and the monthly payments help for the acquisition of an asset, rather than assisting your landlord in building their wealth.

Moreover for majority individuals in America, it will end up being the single biggest financial asset. The purported advantages of homeownership may partly arise not directly from ownership, however from greater social ties and housing stability associated with less frequent movements among homeowners. Stable housing and homeownership go hand in hand. Homeowners move far less frequently in comparison to renters, and therefore are embedded into the same neighborhood and community for a longer duration.

Furthermore it has been observed that homeowners provide better social outcomes as parents in terms of a more supportive environment for their children. As homeowners are required to take on a more responsibility such as home maintenance and need of the financial abilities to handle mortgage payments, as a result such life management skills may get transferred to their children; and helps in raising the educational attainment and higher lifetime annual incomes of homeowners.

Thus in addition to tangible financial benefits, homeownership brings substantial social gains for families, communities, and United States as a whole