An owner-occupier is a person who lives in a house that he or she owns. Owner-occupancy is therefore also called home ownership. Homes also include condominums, apartments, and housing cooperatives. The immovable property, including the home and the land it sits upon, is known as real estate.

Acquisition

Some homes are constructed by the owners with the intent to occupy. Many are inherited. A large number are purchased, either as new homes from a real-estate developer, or as an existing home from a previous landlord or owner-occupier.

Houses are usually the most expensive single purchase an individual or family makes, and often costs at least several times the annual household income. Given the high cost, most individuals do not have enough savings on hand to pay the entire amount all at once. In developed countries, mortgage loans are available from financial institutions in return for interest. If the home owner fails to meet the agreed repayment schedule, a foreclosure may result.

Government assistance

In several government-run home sale programs, such as those run by the United States Department of Housing and Urban Development, owner-occupants are given preferential consideration on bids offered; some programs such as "Officer Next Door" are limited to certain professions who are required to be owner-occupants.

International statistics

Country	Austria	Belgium	Denmark	France	Germany	Ireland	Norway	Spain	Portugal	UK	US	Slovenia	Israel	Canada
Homeownership rate[1]	56%	71%	51%	55%	42%	77%	77%	85%	64%	69%	69%	82%	71%	67%

References

See also

• Property
• Ownership
• Second home ownership
• Imputed rent
• Homeownership in the United States
• Home ownership in Australia