A more thorough explanation:

Residency

Residency refers to the act of living in a particular place for a prolonged period of time. It can also refer to the place where someone lives.

John has residency in New York City, which means he lives there permanently.

The university requires proof of residency before granting in-state tuition to students.

These examples illustrate how residency refers to the act of living in a particular place for a prolonged period of time. In the first example, John has residency in New York City, indicating that he has made it his permanent home. In the second example, the university requires proof of residency to ensure that students are eligible for in-state tuition, which is typically reserved for students who have lived in the state for a certain amount of time.