I wondered this too. I think "current home" or "residence" (if you like using as few words as possible) would be a better translation than "home". Without getting too philosophical, the word "home" carries a lot of implicit significance that the word Wohnort isn't trying to convey. You'd use Wohnort when asking "Where do you live these days?" or more literally "Where is your residence?" (Wo ist dein Wohnort?) An appropriate answer would be something along the lines of "near the lake" or "downtown Chicago" or, if you happen to be close, then "that building over there".
Wohnort ist nicht dort, wo das Herz ist; ich in meiner Mutter im Keller wohnen.