-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BHrAd8VcYwt1pd0VZ2Xtcv0t1+i07giDg42rVD/F0VtIvPWdpP+Z9TF5X4LHUAMv
 WUq4z9czcc/kx2UOD1dwgQ==

<SEC-DOCUMENT>0000923118-04-000111.txt : 20040602
<SEC-HEADER>0000923118-04-000111.hdr.sgml : 20040602
<ACCEPTANCE-DATETIME>20040602143729
ACCESSION NUMBER:		0000923118-04-000111
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040528
FILED AS OF DATE:		20040602

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOME PROPERTIES INC
		CENTRAL INDEX KEY:			0000923118
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				161455126
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		850 CLINTON SQ
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604
		BUSINESS PHONE:		5855464900

	MAIL ADDRESS:	
		STREET 1:		850 CLINTON SQUARE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOME PROPERTIES OF NEW YORK INC
		DATE OF NAME CHANGE:	19950210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FALK JOHANNA
		CENTRAL INDEX KEY:			0001142255

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13136
		FILM NUMBER:		04844038

	BUSINESS ADDRESS:	
		STREET 1:		HOME PROPERTIES
		STREET 2:		850 CLINTON SQUARE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604
		BUSINESS PHONE:		5855464900

	MAIL ADDRESS:	
		STREET 1:		HOME PROPERTES
		STREET 2:		850 CLINTON SQUARE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>falkmay2804_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-05-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000923118</issuerCik>
        <issuerName>HOME PROPERTIES INC</issuerName>
        <issuerTradingSymbol>HME</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001142255</rptOwnerCik>
            <rptOwnerName>FALK JOHANNA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>HOME PROPERTIES</rptOwnerStreet1>
            <rptOwnerStreet2>850 CLINTON SQUARE</rptOwnerStreet2>
            <rptOwnerCity>ROCHESTER</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>14604</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-05-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>37.48</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>392</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Converts to Common Stock on a one-for-one basis.</footnote>
        <footnote id="F2">Represents phantom stock issued to the Reporting Person's account pursuant to the dividend reinvestment feature of the Issuer's Deferred Bonus Plan.</footnote>
        <footnote id="F3">The Reporting Person will be paid in the form of the Issuer's Common Stock on or about the 3rd, 5th or 10th anniversary of the deferral depending on the election of the Reporting Person.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Johanna A. Falk, By Ann M. McCormick, attorney-in-fact</signatureName>
        <signatureDate>2004-06-02</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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