The best photography studio is the one that you can use everyday. It has to have a small footprint, so that you can place it somewhere in the living area (instead of basement). It can be easily moved around, so that you can shoot different locations at home.
The following is what I use. It has one stand on a wheelbase, 2 lights with softboxes, and a large but foldable background.
Stand
Recommend
Flashpoint RB-PG Steel Wheeled Pistol Grip Stand with Extra Grip
$200
This light stand allows you put camera and light in the same spot. It can be easily moved around in the same floor. It is also expandable, handy when you want to add more light.
To support more lights, you can add more grip, or just add Kupo Convi Clamp with Impact 6″ Extension Arm.
Also Consider
C-Stand with wheel base, and Kupo Convi Clamp with Impact 6″ Extension Arm
Light
Recommend
GVM 80W Portable LED Video Light
$120
This light is very bright and inexpensive. The power cord is pretty messy though.
Optional
Small LED light as backlight. If you use V-Flat as background, use this Clamp to place it on the board.
And Beautify Dish
Matching Beauty Dish for Godox AD200
Softbox
Recommend
$45
Also Consider
$35
Or any Bowens Mount Softbox (do not exceed 36 inches in diameter)