Waze now gets its addresses from Google or Bing. There is a way to interact with them and update your address (hopefully someone will post more specifics here). I am not sure how long that process will take.
You can also delete your entry for "Home" and then do a long press on the screen at the spot on the map that you want to use. It should then get a little arrow that you can tap on and then save it.
Verizon iPhone 4 iOS 5.0.1 Waze 220.127.116.11 (Crown, AM)