Owned apartment is a term used to describe a type of housing that is owned by an individual or family. The two most common types of owned apartments are condominiums and condominiums. A condominium, often abbreviated as 'CONDO, ' is a type of housing where the individual owns the unit they live in, but the common areas such as hallways, elevators, and recreational facilities are jointly owned by all the residents. A condominium is a type of housing where the individual owns the entire building, including the common areas. Both condominiums and condominiums provide the same benefits of ownership, such as tax deductions and appreciation of the property value.