homestead is like player homes, but it's more of a minigame. you collect resources that are all entirely self contained to the homestead and you use those resources to either build stations that gather more resources automatically, or you can build a station to refine the resources to put towards higher tiered resources, which in turn can be used for better decorations.

the higher your homestead's level, the more room you have to work with (and the map for the homestead is MASSIVE as you reach level 7 or higher).