A homestead or homestead estate generally includes a house, outbuildings, and the adjoining land owned and occupied by a person or family as a primary residence.

Many states—but not all—have laws that protect a person’s homestead from forced sale for the satisfaction (payment) of debts—at least up to a certain amount of the homestead’s value. These laws may be referred to as homestead exemptions or homestead laws and may be located in a state’s constitution or in its statutes.

The homestead exemption exists to provide a secure home for the family against creditors. The exemption is liberally construed to further its purposes. No specific writing is needed to claim a homestead exemption, but instead merely proof of concurrent usage and intent on the part of the owner to claim the land as a homestead.

In some states the constitutional family homestead exemption applies to the entire family, and not to either spouse individually. Therefore, so long as real property is a family homestead due to one spouse's intention and use, that property is protected by the homestead exemption, unless full abandonment has been pleaded and proved. Once a property has been established as a homestead, the property remains exempt unless it ceases to be a homestead due to abandonment, alienation, or death.

Abandonment of a homestead occurs when the homestead claimant ceases to use the property and intends not to use it as a home again. Anyone asserting abandonment of a homestead has the burden of proving it by competent evidence.

In New York, the concept of a homestead exemption is designed to protect a portion of a homeowner's primary residence from creditors in the event of bankruptcy or other financial distress. Under New York's Civil Practice Law and Rules (CPLR) Section 5206, a certain amount of equity in one's home can be exempted. As of the knowledge cutoff in 2023, the exemption amount can range from $85,400 to $170,825, depending on the county in which the property is located. The homestead exemption in New York applies to the property owner and their family, ensuring that they have a secure place to live despite financial challenges. The exemption is automatically applied; no specific writing is required to claim it, but the homeowner must demonstrate the intent to use the property as a primary residence. If a homeowner abandons the property, meaning they cease to use it as a home with no intention to return, the exemption can be lost. The burden of proof for abandonment lies with the party asserting it. It's important to note that while the homestead exemption provides significant protection, it does not shield a homeowner from all types of debts, such as certain taxes, mortgages, or family support obligations.