To apply for Social Security benefits while purchasing a home, recipients must first ensure they meet eligibility criteria, such as work credits for retirement or disability benefits. When purchasing a home, they should report the transaction to the Social Security Administration (SSA) to update their financial records, as ownership can affect benefit calculations. For Supplemental Security Income (SSI), home equity may count as a resource, potentially exceeding the $2,000 individual or $3,000 couple limit unless an exception applies. Recipients should consult an SSA representative or legal advisor to navigate asset limits and ensure continued eligibility.

The process requires careful coordination because purchasing a home can alter income or resources, which the SSA monitors closely. For example, SSI recipients must not exceed the federal benefit rate plus state supplements, and home-related expenses like mortgage payments or property taxes may impact this. Data from the SSA shows that approximately 20% of SSI recipients own homes, but many face challenges due to asset restrictions. In 2023, the federal SSI payment was $841 per month, and any additional income from home-related activities (e.g., rental income) could reduce or disqualify benefits. The SSA explicitly exempts a primary residence from resource counts but not secondary properties. Therefore, applicants must document the home’s primary use and ensure compliance with SSI’s “principal residence” definition. Proactive communication with the SSA and legal experts minimizes risks of benefit suspension, as errors in reporting can lead to delays or reductions in payments. This approach safeguards eligibility while facilitating homeownership.