When people think of a home gym, they think of a bench, dumbbells, Olympic bar, weight plates, pulley, etc. These are all great pieces of equipment to own. However, they are expensive, and require a fair amount of space.
Fortunately, there are less expensive options for a home gym. You may not pack on tons of muscle, but these options need limited space, are portable, can be used for a quick workout when time is tight, and can get get you stronger.
Stability ball: These are great due to their versatility. They can the exercise equipment, or used as a bench for seated or lying exercises. You can work every muscle in your body, and strengthen your midsection.
Mini band loops: Use these to target your glutes, hips and shoulders. They will greatly help your posture and balance, as well as make you stronger in your main lifts.
Superbands: If you want to perform a wide variety of exercises, this is the tool you need. Hit your chest, back, shoulders, quads, hamstrings, and everything else. Superbands have the capability of providing up to 300 pounds of resistance, depending on the thickness you purchase, making them great for somebody looking to add strength and/or size.
Exercise bands: These bands have handles on each end, with resistance up to 100 pounds. Again, these bands can be used for any body part.
If you were to purchase each piece of equipment, you would most likely spend between $100 and $125 dollars. Not a bad price for everything you need at home to be in great shape.
If your budget is a higher, you can add on. Kettlebells and dumbbells are the next progressions, due to their versatility and ability to work every body part. You don't need a full set to begin, just a few for the weights you need. One handed exercises give you even more versatility without needing to buy heavier weights.
Lastly, you can purchase a TRX system. This is a unique piece of equipment that uses your body weight as the resistance. However, you use suspended straps, making you unstable throughout every movement. If you have a place to hang it, this is something everybody can get a great workout from that will truly tax your muscles.