Declaring a console as your Home Xbox is important for a few reasons, but if you haven't ever declared one, it'll be done for you the first time you sign in to an Xbox One and save your password to that console. You can only have one Home Xbox at a time, but you can sign into your account on multiple consoles.

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How to Change Your Home Xbox
To change your Home Xbox, go to Settings. Then under the General settings, select Personalization > My home Xbox.

Once You're in the My home Xbox menu you can choose to make the Xbox you're on your new home Xbox.

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How Often You Can Switch Your Home Xbox
Switching your Home Xbox is limited to five times a year, so be mindful of that if you move between units often.

You can find how many Home Xbox switches you have remaining by going to Settings > General > Personalization > My Home Xbox > Learn More. Then, scroll down to the "Number of switches" tab in the menu.

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Home Xbox Benefits
Your Home Xbox allows you to have the following features:

Share downloaded and purchased content with anyone signed in to your console
Share Xbox Live or Xbox Game Pass with anyone signed in to your console
Play games offline
If you change your Home Console, you can still access digital content on the old console, but you'll need to be signed in and online in order to access it.