Your “Home Location” is used to show you the current transit chart when you first login to LUNA. You setup your home location when you login to your account for the first time, but it can be changed in your preferences whenever you like.
It’s not necessary to use a specific address, and typically most people simply use the name of their city and state/province.
Important FYI
This information is kept private and is never shared with anyone. It is used only as a starting value for casting transit charts, so you don’t have to specify a location each time you want to view the current transits.