Ho Chi Minh City: The Dilemma of Homeownership vs. Renting Amidst Soaring Prices

A man in his 40s, who has been renting in Ho Chi Minh City for nearly two decades, shares his perspective on resisting the pressure to buy a home amidst soaring property prices. Despite his income increasing significantly from VND 5 million to over VND 40 million per month, he continues to choose renting over taking out loans to purchase a property. Many friends advise him that he is "not good at investing" and that property prices will at least double or triple in 10 years. However, he harbors concerns about the current high housing prices and their future liquidity. He questions whether there will be enough buyers in the market to absorb such prices if they continue to escalate as anticipated. He points out that many people are driven by FOMO (Fear Of Missing Out) and are compelled to buy, often taking on loans that consume 50-70% of their monthly income just to achieve a sense of "settling down." He believes this psychological pressure contributes to the rapid increase in housing prices, as the market sees more buyers willing to purchase at any cost. While not opposed to homeownership, he states he would only consider buying a property that fits his financial capacity, with monthly mortgage payments not exceeding 30-40% of his income. He is unwilling to buy based solely on future appreciation promises. He acknowledges that renting can be unstable but argues that homeownership also comes with its own burdens, including 15-20 years of mortgage payments, constant financial pressure, and various associated costs. He cites friends who own homes but are hesitant to change jobs or pursue new opportunities due to their outstanding bank loans. For him, both renting and buying have their pros and cons, and happiness largely depends on one's choices and willingness to make trade-offs. He prioritizes maintaining consistent cash flow and financial security over owning a home, which he feels could be achieved at the cost of two decades of debt-induced stress, significantly reducing life's flexibility. Ultimately, he advocates against letting societal pressure dictate major life investments, asserting that the ultimate goal in life is the freedom to choose how one lives, which he considers more valuable than owning a house.