Home cheese is synonymous with homie, home boy, home skillet, home
slice and the seldom referenced
home piece. All of these expressions are terms of endearment--in an urban context--and are meant to demonstrate affection and either familiarity or at least a similarity of circumstances. Home cheese dates from at least the late 1980s' early hip hop scene. It, along with home skillet was usually said in a somewhat ironic manner, i.
e. it was purposely absurd.