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Owning property in America is one of the inherent rights of every resident, and a major goal for most people who live in the country. Home ownership rates among American citizens are among the world’s highest, at around 70 per cent. Those who can afford it buy second and third properties to use as investments for rental purposes. It’s easy to buy and sell property in the United States, especially if you are a permanent resident.

There are basically two forms of property commonly bought and sold in America: raw land and built property. Land can be zoned in many ways, though for most people’s purposes it is either for commercial or residential use. Commercial zoning means you can build and operate a business on the property, while residential zoning means the structure built on the property can only be used as a residence.

There are many other kinds of land classification, from agricultural to recreational. Each zoning status is very specific about its uses and prohibitions, and local government authorities are particularly diligent in enforcing land use in most parts of the country. But land can often be bought very cheap in America, particularly if it is in a remote area.

Homes, apartments and condominiums are the other main form of property sought after by Americans. These are typically owned by a single entity and often come with zoning rules regarding how many people can live in the residence. Most Americans live in private homes, though it is also common to see duplexes and triplexes where two and three housing units are connected together.

Whatever kind of property you own in the United States there will be property taxes to pay. These are always doled out on either the state or county level and the amount is based on the tax assessor’s valuation which comes from the current market value of the property. Property tax is paid annually.

Apartment and condo units are also subject to the same kinds of property taxes, though they are slightly different because the costs are spread out among the various units. Apartments often have monthly building fees involved to cover the costs of maintenance, building electricity and other upkeep.

Most Americans cannot afford to buy their property outright, so they take out a home loan from a bank known as a mortgage. Typical mortgages run for 20 or 30 years and have an interest rate between 4 and 6 per cent. It is harder to get bank loans for raw land because there is no added value to the property yet in the form of buildings, but not impossible with a larger down payment and a solid plan of development.