Well it's usually called your home port so I think it means where the boat calls home. But I've seen both and occasionally an obvious fun choice.
If your boat is documented, it has to have a home port and it has to be a real place, but again I don't think the USCG cares which place you use.
I skipped the homeport, on this boat. My Dad had Nashua, NH in big letters on his boat that call several lake marinas home during it's existence.
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