-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 K+2cxg0kh3MkoYwN0Fbhct900q9qawFlCPn35SNC1gjn7ir8OfcD5QsAsAhPWPVe
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<SEC-DOCUMENT>0000923118-04-000184.txt : 20041130
<SEC-HEADER>0000923118-04-000184.hdr.sgml : 20041130
<ACCEPTANCE-DATETIME>20041130143522
ACCESSION NUMBER:		0000923118-04-000184
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041126
FILED AS OF DATE:		20041130
DATE AS OF CHANGE:		20041130

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:			SMITH PAUL L
		CENTRAL INDEX KEY:			0001142299

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13136
		FILM NUMBER:		041174317

	BUSINESS ADDRESS:	
		STREET 1:		77 BABCOCK DR
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14610-3304
		BUSINESS PHONE:		585-5464900

	MAIL ADDRESS:	
		STREET 1:		C/O HOME PROPERTIES
		STREET 2:		850 CLINTON SQUARE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>psmithnov2604_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-11-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001142299</rptOwnerCik>
            <rptOwnerName>SMITH PAUL L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>77 BABCOCK DR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ROCHESTER</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>14610-3304</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-11-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>118</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </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>118</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1967</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 units accrued to the Reporting Person's account pursuant to the Issuer's Deferred Compensation Plan
at prices ranging from $40.39 to $41.47 per share. Represents phantom stock units accrued in lieu of cash in payment of
meeting and stipend fees, the Issuer's contribution to the account pursuant to the Plan and hypothetical shares accrued
pursuant to the dividend reinvestment feature of the Plan.</footnote>
        <footnote id="F3">The Reporting Person's account will be paid in the form of the Issuer's Common Stock on or about the dividend payment date
following the 3rd, 5th or 10th anniversary date of the deferral depending on the election of the Reporting Person.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Paul L. Smith, By Ann M. McCormick, attorney-in-fact</signatureName>
        <signatureDate>2004-11-30</signatureDate>
    </ownerSignature>
</ownershipDocument>

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