Why can't you do squats at home? Because you don't have a rack? No space?
If you are even asking if squats are important you are probably just starting out and not using giant weights ... I assume.
There are ways to rig up squats in the home easy.
You could try rigging up saw horses as safety spotters.
Ironmind sells a squat harness that allows you to squat with the bar underneath you, suspended by chains, hanging off your hip.
They also have a book about the cable system of squats, where the weights are suspended from the bar.
This is all a lot of work though so maybe you would prefer doing something else instead.