Rapid urbanization in Indonesian cities has significantly shaped the housing landscape, particularly through subsidized housing programs for low-income households. Although these programs have improved access to homeownership, housing equality and equity remain unfulfilled. Inferior housing quality often leads to burdensome outcomes for low-income homeowners who, without feasible alternatives, must adapt to these predicaments. This study aims to explore the experiences of low-income subsidized homeowners by depicting the struggles encountered during the adaptation and the achieved outcomes. Drawing on Priemus’ Housing as Social Adaptation framework, the research investigates adaptation beyond structural modifications. Observed outcomes reflect the homeownership effect concept, which consists of financial and well-being aspects. Using a quantitative approach, data were collected from 300 respondents across subsidized housing complexes in the Bandung Metropolitan Area—one of Indonesia’s urbanized regions with a high concentration of subsidized housing. Descriptive and cluster analyses were applied to identify homeowner typologies structured by adaptation strategies, outcomes, and related characteristics. Findings indicate a common structural adaptation pattern in maintenance and renovations, while cognitive adaptation, including adjusted housing aspirations, is also evident before and during the occupation. The outcomes correspond to the uncertain nature of the homeownership effect, encompassing both financial and well-being aspects. The identified typologies provide a foundation for program evaluation by proposing tailored homeownership assistance to complement subsidized housing schemes. These findings contribute to advancing housing policy toward greater equality, equity, and fulfillment of housing rights in Indonesia.