'nonownership' is a compound formed from the prefix 'non-' and the noun 'ownership'. 'non-' originates from Latin 'non', where 'non' meant 'not'; 'ownership' comes from Old English elements related to 'own' (Old English 'āgan') and the suffix '-ship' (Old English '-scipe') meaning 'state or condition'.

'own' in Old English was 'āgan' meaning 'to possess'; over time it became Middle English 'own' and combined with the suffix '-ship' (Old English '-scipe') to form 'ownership'. The modern compound 'nonownership' is formed by prefixing Latin-derived 'non-' to 'ownership' in post-medieval English use.

Initially the components meant 'not' + 'state of owning'; the combined noun has kept that literal sense and denotes 'the condition of not owning' in modern usage.