Homeownership

Homeownership refers to the condition of possessing a residential property, where an individual or family holds legal title to a dwelling. This status grants the owner the rights to occupy, use, and modify the property, as well as the responsibility for maintenance and associated expenses such as mortgage payments, property taxes, and insurance. Homeownership is often considered a significant aspect of personal wealth and stability, as it can provide a sense of security and belonging within a community. It contrasts with renting, where individuals pay a landlord for temporary use of a property without ownership rights. Homeownership can also influence economic factors, such as local housing markets, community development, and overall financial health of households.