Modern technology allows music artists to record vocals at home and achieve a decent sound quality, depending on your knowledge and practice. Should you be recording your vocals at home or paying for the studio time which can become pricey overtime?

Recording At Home
Advantages of home studios
Disadvantages of home studios for recording
Recording In A Professional Studio:
Advantages of professional studios for upcoming artists
Disadvantages of professional studios for upcoming artists
My opinion
In my personal experience, a combination of both is a win-win situation. If you're an artist (let's assume you're a really creative artist) who constantly gets great ideas out of nowhere and wants to implement them instantly. In this case home studio is a must! You should be able to make demos whenever you feel like it. Decent home setup for demos shouldn't cost more than 500$-1000$, in some cases you can build something for less than 350$ if you look for discounts or purchase used gear and use free software (or pay for it monthly, should cost you no more than 10-20$ per month).
Then, use recording studios when the time to drop a single comes. When you have your home studio to record demos you can actually come prepared to the professional one and pay less as the result (knowing what you're doing and having some demos recorded means you be spending less hours to record the final version of your song, mixtape or album).