If you own something, it belongs to you. You can use the verb own to describe possession of any kind of property, ranging from a saucepan to a fancy mansion.
If something can be bought, it can be owned. You wouldn’t say that you own people or intangible objects. But you might own a car, for example, and if you’re lucky, you might own a lot of really cool shoes. Own can also be an adjective describing something that belongs to a particular person, like your own bedroom, or your own mind. If you admit to something, you "own up to it," admitting the responsibility belongs to you.