Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier , owner-occupant , or home owner , owns the home in which they live. The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative . In addition to providing housing , owner-occupancy also functions as a real estate investment .
19-693: Kaysville is a city in Davis County , Utah . It is part of the Ogden–Clearfield metropolitan area . The population was 32,945 at the time of the 2020 census . Kaysville is home to the USU Botanical Gardens , which also serve as an extension location and distance education center for Utah State University . Shortly after Latter Day Saint pioneers arrived in 1847, the Kaysville area, originally known as "Kay's Creek" or Kay's Ward ,
38-500: A graduate or professional degree . Davis County, Utah Too Many Requests If you report this error to the Wikimedia System Administrators, please include the details below. Request from 172.68.168.226 via cp1108 cp1108, Varnish XID 218513361 Upstream caches: cp1108 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 07:56:22 GMT Owner-occupancy Some homes are constructed by
57-422: A first-time homebuyer or having an income below a certain threshold. Home ownership gives occupants the right to modify the building and land as they please (subject to government, homeowner association , and deed restrictions), protects them from eviction , and creates a right to occupation which can be inherited. In some jurisdictions, it also confers certain legal rights with regard to abutters . Houses and
76-644: A motivation to preserve or raise the value of their properties. Conversely, renters are incentivized to view local issues through a narrow lens, could be unmotivated to participate in civic life, and could see themselves as having little social utility. Compared to renters and absentee landlords, owner-occupiers are sometimes seen as more responsible toward property maintenance and community concerns, since they are more directly affected. Traditionally, home ownership has been encouraged by governments in Western countries (especially English-speaking countries ) because it
95-444: A single person living alone and 155 (1.7%) were two or more people living together. 4,685 (52.3%) of all households had children under the age of 18. 7,754 (86.6%) of households were owner-occupied while 1,204 (13.4%) were renter-occupied . The median income for a Kaysville household was $ 103,730 and the median family income was $ 111,903, with a per-capita income of $ 34,514. The median income for males that were full-time employees
114-690: A total area of 10.5 square miles (27.2 km), of which 0.04 square miles (0.1 km), or 0.48%, is water. According to the 2020 United States census and 2020 American Community Survey , there were 32,945 people in Kaysville with a population density of 3,135.3 people per square mile (1,210.5/km). Among non- Hispanic or Latino people, the racial makeup was 29,364 (89.1%) White , 178 (0.5%) African American , 83 (0.3%) Native American , 321 (1.0%) Asian , 114 (0.3%) Pacific Islander , 76 (0.2%) from other races , and 871 (2.6%) from two or more races . 1,938 (5.9%) people were Hispanic or Latino. There were 16,469 (49.99%) males and 16,476 (50.01%) females, and
133-589: The welfare state . Conversely, when housing prices drop, homeowners are more likely to favor government intervention. In the US, areas with high rates of homeownership have higher levels of voter turnout . There is also a weak relationship between homeownership and supporting Republican candidates. Data from the UK supports the idea that homeowners view the value of their home as a kind of private, informal insurance policy against economic shocks. A sufficiently valuable home protects
152-486: The 1847, the name of Kaysville connects with the fact that in 1851 William Kay was made the bishop in the vicinity by Brigham Young and Heber C. Kimball . After the move south in 1858 (see Utah War ), there was an attempt to rename the community "Freedom", but Brigham Young convinced the residents to retain the old name. In 1868 Kaysville became the first city incorporated in Davis County. An adobe meetinghouse
171-535: The entire amount outright. 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 (known as a repossession in some countries) may result. Many countries offer aid to prospective homebuyers to make their purchases. These measures include grants, subsidized mortgages, and mortgage guarantees. Prospective homebuyers may have to meet certain qualifications to qualify for government aid, such as being
190-490: The homeowner intends to move at a future date. Some home owners see their purchase as an investment and intend to sell or to rent the property after renovating or letting the house appreciate in value (known as flipping if done quickly). Due to the fact that homeowners have a financial stake in their homes, being a homeowner is an economically efficient course of action. In order to improve their physical and mental well-being as well as their level of life satisfaction, they have
209-409: The land they sit on are expensive, and the combination of monthly mortgage , insurance, maintenance and repairs, and property tax payments are sometimes greater than monthly rental costs. Buildings may also gain and lose substantial value due to real estate market fluctuations, and selling a property can take a long time, depending on market conditions. This can make home ownership more constraining if
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#1732780582753228-441: The owner without need for government intervention. Source: Housing Finance Information Network (HOFINET) Homeowners are usually required to pay property tax (or millage tax) periodically. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county or geographical region, or a municipality. Multiple jurisdictions may tax
247-430: The owners with the intent to occupy. Many are inherited . A large number are purchased, as new homes from a real estate developer or as an existing home from a previous landlord or owner-occupier. A house is usually the most expensive single purchase an individual or family makes, and often costs several times the annual household income. Given the high cost, most individuals do not have enough savings on hand to pay
266-535: The population distribution by age was 12,060 (36.6%) under the age of 18, 17,684 (53.7%) from 18 to 64, and 3,201 (9.7%) who were at least 65 years old. The median age was 29.9 years. There were 8,958 households in Kaysville with an average size of 3.68 of which 7,844 (87.6%) were families and 1,114 (12.4%) were non-families. Among all families, 6,895 (77.0%) were married couples , 275 (3.1%) were male householders with no spouse, and 674 (7.5%) were female householders with no spouse. Among all non-families, 959 (10.7%) were
285-628: The youngest mayor in Utah. He was sworn in on January 4, 2010. He was re-elected for a second four-year term in November 2013. The current mayor, Tamara Tran, won the 2021 election with 59.95 percent of the popular vote over Jay Welk. Kaysville is bordered by the city of Layton to the north, Fruit Heights to the east, and Farmington , the county seat , to the south. According to the United States Census Bureau , Kaysville has
304-423: Was $ 81,057 and for females $ 44,205. 3.2% of the population and 3.4% of families were below the poverty line . In terms of education attainment, out of the 17,847 people in Kaysville 25 years or older, 248 (1.4%) had not completed high school , 2,299 (12.9%) had a high school diploma or equivalency, 6,410 (35.9%) had some college or associate degree , 6,170 (34.6%) had a bachelor's degree , and 2,720 (15.2%) had
323-696: Was built in 1863. It was replaced by the Kaysville Tabernacle in 1914. In 1930 Kaysville had 992 people. Of those residents who were Latter-day Saints, they all were in the Kaysville Ward which also covered most of the rest of the Kaysville Precinct. In 1977 United Airlines Flight 2860 crashed near Kaysville. By 2008 there were seven Mormon stakes (similar to a diocese ) in Kaysville. In November 2009, Kaysville voters elected Steve Hiatt as Kaysville City's 38th mayor and
342-488: Was settled by Hector Haight in 1847 as a farming community. He had been sent north to find feed for the stock and soon thereafter constructed a cabin and brought his family to settle the area. Farmington, Utah also claims Hector Haight as its original settler. Two miles north of Haight's original settlement, Samuel Holmes built a cabin in 1849 and was soon joined by other settlers from Salt Lake , namely Edward Phillips, John Green, and William Kay. Although settlement began in
361-478: Was thought to help people acquire wealth, to encourage savings, and promote civic engagement . However, the housing market crash of 2008 in most of the English-speaking world has caused academic and policy-makers to question this logic. Owning a home influences how an individual views the role of government. Data from OECD countries shows that when housing prices rise, individuals are more critical of
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