A player can purchase a house in a village. There are many benefits to owning a house, as well as living in a village.
Buying a Home
Moving into a house: Enter the orange portal at Summer's Hollow or Ardent City. Pick a village (certain villages are guild village, there one can only move into a house if one is a guildmember), enter and look at the map to see the houses that are free to move in. The cost of moving in is free
Rent
Renting a house is free. As long as you log in at least once within 14 days you will not loose your house. There is a possibility to pay for an extension on your house (an extra 14 days) which costs gold. - the higher level your char is, the higher cost for the extension. Click on your house to see this option.
The House Locker
The House locker is one of the many perks of the house. It is one additional full-sized vault. The house locker can be accessed at your house, or at any vault around the Seven Realms.
If you have items in your house locker, and then lose your house, those items will be safe, but will be locked away until you own a home again.
House Styles
There are many types of house styles so that every player can customize their house to their own style. House styles grant various perks like a bonus chance for a lucky harvest, or reduced spell costs.
Some house styles are accessible to the player immediately when moving in, while others are unlocked by completing various tasks around the Seven Realms. All house prerequisites to house styles can be skipped by purchasing house style tickets in the item shop.