I've got a fun home gym setup - just a bench, dumbells, and a functional trainer. There's no muscle group i can't hit with multiple different exercises. A squat rack would be nice, but too big heavy, and expensive. So I just do 1-legged squats instead!

With that said, if you are rhe kind of person that likes to always be doing different exercises then I dont know if I I'd recommend it. I dont really get bored with doing the same exercises, so I think I benefit from the extremely low activation energy of just being able to walk down the hall and hit the gym.