This... Would be difficult to implement. But I don't believe it would be impossible. Stormreach is a city and all we've ever seen is the Harbor, the Marketplace, and the Noble House Quarters. We also got a peek at the Tenements in The Sharn Syndicate quest chain.
My idea is to make standard housing out in the Tenements area. You can either pay a monthly platinum fee based on the size of your house or you can pay a one-time Turbine Point fee for a permanent residence. It comes unfurnished and new quests are made that drop furniture loot, some of which can bestow buffs if used. For instance, you'll get a temporary bonus for logging out in bed and when you log in, you can get another temporary bonus for eating breakfast in your own home.
You access the house by going to the Marketplace, go to the same place you go to reach the Sharn Syndicate quest, but you're given an additional "go home" option when you click the doorway which will send you to your personal doorstep. You have a little porch there and a short landing where you can look out on the street, if you like. There's also room on your porch for a few furniture items like a potted plant or rocking chair or (during Halloween) jack o'lantern. You can even get custom doors with special designs or crossed axes or whatever.
Favor with the Houses or Free Agents can net you the right to have a home in the House Quarters or the Harbor.
So... Fail idea or awesomesauce?