If you buy a house thats mabey thirty yards from others or end up with a basement that is some what soundlocked,then you could just set up there.Owning a home has never been an option for me(not sure if it ever will)so I shelled out $230 a month for a nice heated jam room(no equipment included and heat was very needed in Massachusettes).That is the way to go if you can't play in your home.
I live near tampa bay,so there are alot of rock and metal bands skimming around.
Try once,fail twice...