Owner-occupancy or home-ownership is a form of housing in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. The home can be a house, such as a single-family house, an apartment, condominium, or a housing cooperative. Owner-occupancy is also a real estate investment. The value of housing generally increases over time. ^[1]

Some homes are built by or for the people who want to live in them. Many are inherited. A large number are bought, as new homes from a real estate developer or as an existing home from a landlord or an owner-occupier.

A home is the most expensive single purchase most people make. It usually costs several year's household income. Most people do not have enough money to pay the entire amount outright. They borrow money using the home as security. This is called a mortgage. They have to pay interest on the loan. If they dont pay the lender can take their home.

In many countries the government helps people to buy homes. There may be grants or subsidies. They may have to meet certain qualifications to get this help such as being a first-time homebuyer or having an income below a certain level.^[2]

They may have to pay property taxes, related to the value of the property, either every year, or when the property is sold.

Source: Housing Finance Information Network (HOFINET)^[3]