One type of land I haven't said much about is the Homestead. Homesteads are not what you might think...they aren't a way to own or settle land (as they were in the Real World). In Second Life, a Homestead is a special type of region.
You won't find them on the Mainland, with the possible exception of some Linden Ocean sims. But they are often found as part of Private Estates. Homestead regions are the same size as regular regions (256 X 256 meters), but they only support 1/4 of the prims allocated to a "Full" region. Thus, a Homestead region can have 3750 prims, instead of 15,000.
This is not necessarily a problem. Especially now that prims may be up to 64 meters in size, it's quite possible to put enough objects on a Homestead region to make it look quite full of stuff. Homesteads are popular with people who want a lot of land for a relatively low price...because LL charges less tier for these regions. You may be able to lease an entire Homestead region for around $150 USD per month, as opposed to around $300 for a Full region.
There are a couple of other catches with Homestead regions: they can support a maximum of 20 avatars (as opposed to as many as 100 avatars for a Full region.) So if you are planning to build a busy club, a Homestead may not be your best choice. Also, if you would like to buy your own Homestead region from Linden Lab, forget it...you must own at least one Full region before you qualify to purchase a Homestead.
There is one other type of region that the Private Estate owner can buy...an OpenSpace region. OpenSpace regions are even more restricted in terms of prims than Homesteads, and they are intended primarily as unoccupied areas such as ocean sims. They're OK to travel on or through, but they are not rich enough in prim resources to build much of anything permanent.
For those of us mere mortals who don't own multiple regions, Homesteads have one big advantage: You can lease one, or a large part of one, from an Estate owner and build a REALLY big house with extensive grounds. Or, you can use one to float a REALLY impressive megayacht.
You can tell what type of land a region is by looking at the General tab of the About Land window (also called Parcel Details in more recent viewers.)
Happy Homesteading, pardners.