We pick from where we left in our last blog post – the one where we were trying to explore the pros and cons of owing a house. By the end of that blog post, it had become clear that, in some cases, the cons of owning a home outweigh the pros. Yet in spite of that fact, we still have many people showing clear signs of (what can only be termed as) obsession with home ownership. The question does arise then, as to why people are so obsessed with home ownership –and that is the question we will be trying to tackle in today’s blog post.
After reflecting on this subject, I have come to the conclusion that people are obsessed with home ownership (simply) because they have been conditioned to believe that home ownership is the most important thing. The messages that condition us into this way of thinking start hitting us right from our early childhoods. We grow up believing that home ownership is the most important thing that we should aspire to. It is just like the way we are conditioned to believe that we should aspire to become employees – to be jobseekers, rather than job-creators. You go to all colleges, indeed even to all high schools, and you soon realize that the greatest aspiration of the students is be employees. The concept of getting paychecks through sites like www.securitasepay.com is more appealing to them than the concept of getting profits through their bank accounts!
It is the same with home ownership. Many people have been conditioned to aspire to be home owners – at whatever cost, and notwithstanding the potential downsides. If you try to them about the potential downsides of home ownership, they imagine that you are trying to ‘mislead’ them — probably with some sort of ulterior motive. In my view, it is due to this absurdity that we ended up in the 2008/2009 financial crisis – when bankers took advantage of people’s obsession with home ownership to entice them with the now infamous sub-prime mortgages.