I disagree with the title of this essay and argue that buying a home is better than renting one because it breeds economic growth, encourages a sense of family pride and helps to lend continuity to a community.
A. Home Ownership
1. Creates progress within the community
2. Creates pride amongst families
B. Buying a Home
1. Pride in home ownership
2. Increases economic flow
3. Made more affordable for families
C. Home ownership
1. Foreigners come to the United States
2. Families want the American Dream
D. Leasing a Home
1. Families can buy homes through leasing
2. Economic growth is increased
The ownership of homes is a vital part of creating a vibrant and caring community. When properties are rented, people tend to come and go and as a result, it detracts from the continuity and the progress of the community. It naturally follows that if there are people regularly joining and leaving a community, the crime rate is likely to be higher; if neighbours don’t know one another, they are unable to look out for each other and if a community is well-known for having a lot of rented accommodation, it also gains a reputation for having a low level of security which is a perfect scenario for a criminal. The ownership of a home can also create a sense of pride within families who, in turn, are more likely to look after their house and its garden meaning that the area is much more aesthetically pleasing overall.
The procedure of buying a house is an expensive activity and so, if the majority of homes are owned in a community, it suggests that there is a high level of affluence amongst the neighbourhood. A prime example of such a community is the town of Southlake, Texas: the estimated median income of each household is $172,945 and this is largely due to the growth in real estate. As a result of this increase in affluence, the area has been able to regenerate a lot of its features, including doubling the size of its town center. The purchasing of homes secures a town’s economic flow for the better by ascertaining that its residents are earning good money and will continue to put their earnings into the town.
Through this, residents will be able to take a greater amount of pride in their home ownership and town which will be reflected in the way they conduct themselves and look after their property. People who rent their home can sometimes take the view that they won’t stay forever and so it doesn’t matter whether they take pride in their town or not.
However, renting your home is a step towards buying a home and so it should still be respected in that sense. Foreigners arriving in America are likely to lease a home whilst they establish themselves. However, they come to our country to chase the ‘American Dream’ and with that comes affluence, home ownership and a sense of pride; therefore, they are likely to one day buy their home. These days, there are all sorts of schemes to help this dream become a reality: often, it is possible to part-buy and part-rent a home as well as being able to put down smaller deposits too. This is designed to encourage home ownership and to enable young people and young families to be able to afford to buy, rather than rent.
In conclusion, I contest that buying a home is better than renting one because it is in the best interests of the community. It breeds a sense of pride in people who want to look after their home and their town by behaving in a considerate manner. Home ownership also encourages economic growth in an area by attracting affluent professionals and families looking to send their children to the local schools. Arguably, renting your home is a step in the right direction but for most, renting is a more affordable option that involves a lot less commitment and therefore leads to poor community spirit.