Homeownership - additional information
Homeownership is a form of living arrangement where the owner of the inhabited property, whether apartment, house, or type of real estate, lives on the premises. Due to usually high costs associated with owning a property and perceived advantages or disadvantages associated with such a long-term investment, homeownership rates differ greatly around the world, based on both cultural and economic factors. In Europe, Romania was the country with the highest rate of homeownership in 2020, while the lowest homeownership rate was observed in Switzerland .
Individuals may have very different opportunities or inclination to become homeowners based on nationality, age, financial status, social status, occupation, marital status, education or even ethnicity and whether one is local-born or foreign-born. The homeownership rate among married families in the United States, for example, is much higher than among single men or single women. However, most Millennials in the U.S. plan to eventually become home owners.
In the United States, homeownership is generally believed to be a good investment, in terms of security (no risk of eviction) and financial aspect (owning a valuable real estate property). In 2021, there were approximately 83.5 million owner-occupied housing units in the United States, a stark increase compared to four decades prior.