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Home tenure refers to the legal status of living in a residential dwelling, with owner-occupied homes being the most common. Condo owners do not have tenure in common areas, while public housing provides low-cost employment. Timeshare ownership is limited, while co-housing communities share amenities. Housing studies inform residential development and growth control measures, with policies affecting affordability and quality of life. Tax incentives and grants promote home ownership, while rent control addresses inequity.
Home tenure refers to a financial arrangement that gives a person the legal status to live in a residential dwelling. Owner-occupied homes are the most common form of home tenure, followed by owner-tenanted homes. Home tenure also applies if the homeowner does not own their residence outright, but makes payments to a bank or mortgage company.
There are some variants for owning housing at apartment complexes and public housing projects. A person buying a condo owns actual residence but does not enjoy residential tenure in common areas, such as hallways, patios, and pools. Such areas are typically owned by a homeowners association that receives commissions from the owner of each unit in exchange for maintenance and upkeep. Public housing tenure is usually granted by a government agency to provide low-cost or free employment in low-income areas.
Timeshare ownership is generally limited to a short period of time each year. This financial arrangement usually applies to apartments or condominiums used as annual vacation homes. Co-housing communities enjoy housing tenure by sharing recreation areas, laundry facilities, community kitchens, and similar amenities. These communities allow people to live together and interact with neighbors who all own shared facilities.
Agencies studying housing could use the information to plan residential development and enforce growth control measures. Research shows that in regions where there is a housing shortage, housing costs and rental prices rise. Planning departments attempt to balance the need for affordable housing with the negative impacts of growth, such as increased traffic and loss of open space.
These studies regularly examine house prices, rental rates and mortgage rates to determine whether citizens can afford to purchase a residence. This information can be compared to the median income for a neighborhood, which can indicate the type of housing needed. If land use policies are too strict, they could ban the development of multi-family housing, such as condominiums for low-income residents. When policies are too lax, they can lead to urban sprawl and affect quality of life.
Housing statistics may be affected by changes in legislation and government policies aimed at increasing the owner-occupied housing rate. Tax incentives in some areas provide financial relief on mortgage interest and property taxes. A common incentive to promote home ownership in some regions includes grants and low-cost loans for first-time home buyers. Rent control is another tactic used when home ownership data shows inequity.
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