At certain PROFILE schools, even a personal residence is included in one’s assets. Students generally are hit much harder for the assets they earn than the parents. 20-30% of the value of your share of the house could be added to your institutional EFC reducing your financial aid.
If the house is not your primary residence, it counts as an asset on FAFSA as investment property and like any asset , if it’s student owned, 20% of your share of the market value will be go against your EFC, reducing need, and yes, possibly reducing aid