Home ownership refers to the state or condition of owning a home, which is typically defined as a free-standing residential property that an individual or family lives in and pays for. It means having legal title over a piece of real estate, giving the owner both rights and responsibilities regarding its use and maintenance. Homeownership can also refer to the act of purchasing a home with a loan from a financial institution such as a bank or credit union. In this case, the lender holds a lien on the property until the mortgage is fully paid off. Overall, home ownership represents an important aspect of the American Dream and provides stability for families in terms of housing and finances.