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 primary residence from creditors in the event of bankruptcy or other financial distress. As of the knowledge cutoff in 2023, New York's homestead exemption amounts vary by county, ranging from $85,400 to $170,825. The exemption applies to a house, condominium, co-op, mobile home, or any property used as a primary residence. The specific amount of the exemption depends on the county in which the property is located, with higher exemptions available in counties with higher cost of living. The homestead exemption in New York does not require specific documentation to claim; rather, the homeowner must demonstrate the intent to use the property as a primary residence. The exemption is designed to provide financial security to families by ensuring that they have a place to live, even in the face of financial difficulties. It is important to note that the homestead exemption does not protect against all types of debts; for example, it does not prevent foreclosure by a mortgage lender for unpaid mortgage debts. Additionally, the exemption may be lost if the homeowner abandons the property or upon certain events such as death, unless the property is transferred to a surviving spouse or eligible heirs.