Dwellings used to not be important,but with the addition of Weather,they are
A Tree - You don't even have to craft this,it's natural.This is for if you spawn and there is a storm cloud right above,and it's raining.
Crude Hut - A small hut with little space inside,designed for temporary dwellings,to last for a little while.
Medieval House - This is a customizable house,you can make it's floors as wide as you want,and you can make it have as many floors as you want.
House - I've never had this before,but I know it's possible.This is pretty much the wooden version of the Medieval House.
Renovated House - This is the next up from the Medieval House.It has windows,more space,and some other things I'm not quite sure of.