Homeownership refers to the ownership of a home or property by an individual or family. It is typically achieved through the purchase of a house, condominium, or other type of real estate with a loan from a bank or another financial institution. Homeownership provides individuals and families with a sense of stability and security, as well as the opportunity to build equity over time. Additionally, homeowners have the freedom to make changes to their property as they see fit, without needing approval from a landlord. However, homeownership also comes with responsibilities such as paying taxes, insurance, and maintenance costs.