Agreed, really seems like it should be part of the base game. A few thoughts on balance:
Require a minimum amount of positive standing with a faction.
-influenced by faction traits "mistrustful/naive/etc.."
-influenced by distance from hostile factions.
-influenced by distance from center.
Somewhat expensive to prohibit people from just changing homes on a whim.
-influenced by distance to the center, center being more expensive than fringe.
-influenced by standing over the required minimum.
Require a station in the sector.
-This could maybe even be a player station, since those are pretty expensive to begin with.
-If station is not present (destroyed), home sector is moved to closest known "Prime" sector that you meet the standing requirements of
'home eligible' for one time only, then resets to beginning.