Residential real estate owned and occupied by an individual or family serves as a primary residence. This could be a house, a condominium, or even a mobile home on owned land. For example, a family purchasing a townhouse to live in is acquiring this type of asset.
Owner-occupied residences play a significant role in personal finance and societal stability. They offer a sense of security and belonging, build long-term wealth through equity accumulation, and contribute to local communities. Historically, homeownership has been associated with financial stability and upward mobility. It often represents the largest single investment for individuals and families.
