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 homestead exemption is a legal provision that protects a portion of a homeowner's equity from being claimed by most creditors in the event of bankruptcy or other financial distress. As of the knowledge cutoff in 2023, the New York State homestead exemption amount varies depending on the county in which the property is located. For example, in Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam counties, the exemption amount is up to $170,825. In Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties, the amount is up to $142,350. For the rest of the state, the exemption amount is up to $85,400. These amounts are subject to change, so it is important to check for the most current figures. The homestead exemption in New York applies to the primary residence of the debtor, including a house, condominium, co-op, or mobile home, along with the land it is on. To claim the exemption, the homeowner must reside in the property and it must serve as their primary residence. The exemption is automatic and does not require specific writing to claim it, but proof of residence and intent to use the property as a primary residence is necessary. The exemption is designed to provide a secure home for the family against creditors and is liberally construed to further its purposes. However, it is important to note that certain debts such as taxes, mortgages, and child support obligations may not be protected by the homestead exemption.