I have to give Kyle Brandt complete credit above. So, if you like this answer below, click the Up triangle on his post to lift his status, please.
However, I improved upon his routine and felt it my duty to post it here and mark it as the final answer.
All I added to Kyle's routine was ensure that we're only touching the home dir, thus the line with the asterisks in it. Then, I ensure that this home dir actually still exists. After that, I do the chown statement. And just like Kyle said -- remove the "echo" keyword and it will actually conduct the task. Then, I added "-R" on the chown to make it work recursively in case the problem might be deeper into one's home dir.
while IFS=':' read -r login pass uid gid uname homedir comment; do
if [[ "$homedir" = **/home/** ]]; then
if [ -d "$homedir" ]; then
echo chown -R $uid:$gid "$homedir";
done < /etc/passwd