Home ownership vs debt issues ‼️

Home ownership vs debt issues ‼️

Photo by the star newspaper

Home ownership vs debt issues ‼️

FIFTEEN years ago, John contemplated whether he should buy a house or rent. Then in his 40s, he decided to rent.

“The house was about RM250,000 but I simply could not afford it,” he said. He was then in his 40s. For years, debt was like a millstone around his neck and being debt-free was more important than owning a house.

The last decade, house prices have doubled or tripled depending on locations. But most of our salaries did not, coupled with a decline in the purchasing power of the ringgit.So should the government allow house prices to fall, or should it raise salaries? Alliance Bank chief economist Manokaran Mottain says there is no hard and fast rule on whether salaries should go up, or house prices should go down.

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