Both the term "Hobby Farm" and "Homestead" are worlds of an old paradigm.

When they used to be the weird, the oddity.
And they were just different shades of the same color.

Since farming could feed you, but not pay your property taxes.

The future is small communities (maybe called tribes, maybe called families)
Where you have a group of people that support each other and grow 99% of the food they eat.
They also have a trade commodity that they make.

And thus have something to barter with other families with.

These families will also become technologically 99% independent.
Creating power, water and necessary goods within.

So, the answer to your question is...
It is a stepping stone to becoming a family.
All that will exist in the future are families and nomads.

Everything else gets wiped out. Cities and Corporations will be gone in two generations.