homeowners

A homeowner is a person or household that holds legal title to a residential property and, therefore, resides in or uses it as a primary residence, secondary home, or investment property. Ownership confers rights to use, modify, or sell the property, subject to local laws and any liens or covenants. Homeowners differ from renters, who do not own the title, and landlords, who own a property but rent it to occupants.

Ownership can take several forms, including sole ownership; joint tenancy and tenancy in common, which determine how shares pass on; and forms of multi-unit housing such as condominiums and cooperatives, where owners own a unit and share common areas. In many arrangements, homeowners participate in a homeowners association (HOA) that sets rules, maintains common property, and levies fees.

Financial responsibilities include mortgage payments, property taxes, homeowners insurance, and ongoing maintenance. Homeowners may incur HOA dues, utilities, and occasionally special assessments for major repairs. Building equity depends on value changes and mortgage amortization; selling can realize gains or losses. The ownership also entails legal duties, including compliance with zoning, building codes, and covenants.

Homeownership is a central component of many economies and is often encouraged as a means of wealth accumulation and residential stability. However, barriers such as down payments, credit requirements, and job security affect access, and ownership carries risks if housing prices fall or financing costs rise.