A primary residence, also known as a principal or main residence, is the main dwelling unit on a parcel of land where a person usually lives, typically in a house or an apartment
. It is considered to be a legal residence for the purpose of income tax and other criteria
. A person can only have one primary residence at any given time, and they must live in it for the majority of the year
. Factors to consider when determining a person's primary residence include
:
- The filing of income tax returns in the state
- The state of voter registration
- The state of vehicle registration
- The state of issuance of a driver's license
For tax purposes, a primary residence is the dwelling that a person inhabits most of the time, and it does not matter whether it is a house, apartment, trailer, or boat, as long as it is where an individual, couple, or family lives most of the time
. If a person owns multiple properties, only one can be considered the primary residence
. In the United States, a primary residence is understood to be a property that one has regular access to, as opposed to a property one owns but does not have access to due to it being rented out to others
. This can affect eligibility for a mortgage or home equity loan, with requirements generally being looser for getting a loan for a property one lives in, as it is believed that a homeowner will try harder to pay the loan if they risk losing their primary residence
