Homeownership refers to the state of owning a residential property, such as a house or condominium. This means that the individual or family has legal rights to the property and is responsible for its maintenance, taxes, and mortgage payments. Homeownership can provide stability and a sense of community, as well as the potential for financial investment and equity growth over time. In many countries, homeownership is considered a key aspect of the American Dream, symbolizing success and personal achievement. It often involves a significant financial commitment, including a down payment and ongoing costs like property taxes and home insurance. Many people view owning a home as a long-term goal for building wealth and security.