A homeowner is an individual or family that owns a residential property, such as a house or condominium. This ownership typically involves purchasing the property through a mortgage or outright payment. Homeowners are responsible for maintaining their property, paying property taxes, and adhering to local regulations. Homeowners often enjoy benefits like building equity over time and having the freedom to modify their living space. They may also participate in community activities and local governance, which can enhance their neighborhood's quality of life. Additionally, homeowners may need to consider home insurance to protect their investment.