What in game advantages does owning a residence provide?

[MsMisato]

And by residence I mean either owning your own house or buying a room in your fc's house.

Is it strictly a epeen thing where you dress up a plot with decorations and sink gold into? Or is there a real benefit, like more storage space, xp buff, food buffs last longer, or something?

lets use the workshop if you are a FC, but if you are individual owner, cross breeding plants which is there which is available only with housing and thats a big thing there.

other than its decorating mostly. a lot of time people get homes, play with for a couple of months and then leave them to rot pretty much