Definition
A 'homeowner' is a person who owns the house or apartment in which they live. They hold the legal title to the property and are responsible for its maintenance and upkeep. This involves paying property taxes, insurance, and any mortgage payments. Homeownership is often seen as a significant financial and personal achievement. Think of it as being the boss of your own castle (or condo!). Unlike renters, homeowners have the freedom to customize their living space and build equity.