Whenever you type the URL of your WordPress website in your browser, you see the front page of the site. This front page is the WordPress homepage of the website. This is the page that can make a good impression on the visitor if it is well designed and structured.
The custom homepage is a very useful and important part of the website. The information you provide on the home page should be clear and understandable. You can also make your latest posts as a homepage but mostly it is useful if your site is only for blog purposes.
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However, I also use a custom homepage because I can customize my homepage as I want anytime. I can add a newsletter, promotional coupon, and much other information on my homepage.
Latest Post as Homepage

By default your WordPress homepage display “Your latest posts“. If you want to show your latest post on the front page then you can keep it as default. You can change the number of posts to display from the setting>reading section.
If your site is blogs-oriented and you want to show only your blog post on the front page then this option may be useful for you.
But in most cases, either business websites or other websites use custom homepage. Because most people want to display the front page as per their choice.
However, it is an individual choice, you should choose the option which is more beneficial for your visitors and you.
Set Static Homepage

As I above said that by default your homepage displays your latest post. But if you want to make a custom homepage as your front page then your just navigate to Setting>Reading.
On reading setting page you will see two radio button
- Your latest Posts
- A Static Page
You just select A Static Page. Below that you will see a drop-down menu, you click on and select the page that you want to set as your homepage. If you have not created your custom page till then first you should create the page.

When your page is created and published, you will see that page in the drop-down menu on the reading setting page. Now you can set this page as your homepage.
To Create New Page: If you want to create a new page, just go to your page section on the left sidebar and click on Add New. Now you will see a page, just give a name to your page and publish it.

Now it is time to design and customize your homepage. Everything which is available on your homepage matter a lot. So you have to be very careful while designing your page. Make it as best as possible.
Header, Footer, Top Header, Sub Footer, Menu, Pages, Blogs, Categories, Color, Font, Structure, Design, Navigation and Look, etc. are factors that have their own value.
You should keep your user and your site’s objective in mind while designing the custom homepage.
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Conclusion
There are many benefits of having a custom WordPress homepage on your site. A good WordPress theme may be important for your front page. If you are in the learning phase then it may be ok to use any good free theme.
But if you are the person who wants to reach your site at the next level then you might need a good paid theme. Your free theme may have many limitations.
There are many good WordPress themes are available. You should have a good WordPress theme for your site.
The Below blog is about the Newspaper theme, I hope this blog may be helpful for you.
Newspaper Theme Review: Why it is the favorite of many bloggers?