It means the same thing.
"itt" and "ott" mean here and there, respectively. So "itthon" means "(here) at home" and "otthon" means "(there) at home."
If you're at your house and your friend calls asking where you are, you can tell him, "Itthon vagyok," while if you and your friend are out somewhere and he asks where your brother is, you can tell him, "Ő otthon van," which is kind of like "He's (there) at home (at his house, but we're not there with him)."
In a broader sense, yes, one could say that. It's definitely not a house/flat/apartment where one lives though. It is more like the general area which one could call home.
This word could be modified to make it "honos", the "os" is just an additive to make the word an adverb (i hope i did not mess that up), and it would just mean that if something (a flower, an animal) is 'honos' in a given area, then that something is naturally found in there. And we could prefix this word with "ős": "őshonos" which just means "native".
And let's have another variant: "honfoglalás", is "hon"+"foglalás", literally "home"+"occupiation" and this is how we describe the event when the hungarians arrived to this area and has taken the land.