Advantages and Disadvantages of the Housing Problem

THE HOUSING PROBLEM
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The Housing Problem
The housing problem in the UK has been growing over the years with the increasing urban populations and the rising house prices. As a result, there are many homeless people and others live in buildings that are in poor condition because it is what they can afford. The paper presents the disadvantages and advantages of this challenge.
The primary disadvantage of the housing problem is the wealth inequality. People who cannot manage to buy a house incur the high renting costs and hence cannot accumulate as much wealth as the homeowners. As a result, the economic disparity will spill into future generations.
Additionally, the challenge has led to the labor shortage in cities like London where housing is expensive. The high prices limit geographical mobility as not everyone can afford such houses. Also, there is a possibility of a future fall in the prices of housing due to market corrections that might cause a recession.
Moreover, aspiring first-time homeowners face increasing risks in purchasing a house. These individuals are vulnerable to the possibility of a rise in interest rates in the future. The higher borrowing levels mean that people will have more debts and low savings.
On the other ha...