Is Home Ownership Percentage Better in Pakistan?
According to a research, more than 75 percent of Pakistani population are living in their own homes, while only 25 percent are living in rented homes. Based on these results, we can say that home ownership average in Pakistan is better than several developed countries, where majority of the population does not own any property asset. The findings have certainly put a big smile on your faces just because you might not be aware of the truth.
It is fact that most of the Pakistanis own their homes but upon fractional analysis, it is found that more than 60 percent of Pakistani population resides in villages and less than 40 percent is accommodated in cities. It has been noticed that villagers own their homes, no matter, how much or how less space they have. Out of 75 percent of Pakistani people possessing homes, more than 60 percent are from villages.
On the contrary, less than 40 percent people living in the cities, and out of it, only 25 percent live in rented homes. It means most of the people living in urban areas are tenants despite the fact that Pakistani men always intend to buy a plot or home at a good location anywhere in the leading cities. Why people cannot buy their own homes? In my opinion, the economic turmoil is the biggest reason for it. People are neither getting attractive salary packages nor they have stronger background to support them buying their own home. Due to limited resources, it is hard to save money and gradually, properties at good locations in Lahore, Karachi and Islamabad go far from their reach. Eventually, they are not left with any other option than living in a rented home.
Secondly, rising inflation and increasing cost of living in cities make it difficult for people to save money to cater to their future unforeseen needs. Sometimes, people are seen selling their homes to make their both ends meet or to cater to another need of the time
Keeping these pointers in view, we can safely say that most of Pakistanis own their homes (though they are living in villages). Tenancy is an urban concept but it also shows that few people have a lot of space and multiple properties in cities, which makes others to reside in their homes as tenants.