Hosting is simply the service that allows your website to be accessed by other Internet users. A web host will provide space on its server for your website, allowing people around the world to view it. Website hosting is also a factor in your website costs.
Hosting is important because the quality of your host can affect page loading time, the tech support you receive if your site crashes, and the ability of your website to expand in the future. To put it simply, your hosting provider has a huge impact on how your website functions. Although free hosting services exist, their tech support (if they supply any at all) will not be as good as paid hosting services.
Cost: $50 to $500 a year (depending on traffic and hosting features).