It pretty much goes without saying that you don't need to make snow at home unless you have a mountain in the backyard, in which case you probably don't need to make snow at home.
Nonetheless, you can now buy a home snowmaking system from Connecticut-based SNOWatHOME for a few hundred bones and convert 120 gallons of tap water into 80 cubic feet of snow in about an hour.
SNOWatHOME makes a couple of different models of its X-stream Snowmaker that sell for $648 and up. You can also buy a kit and build your own snowmaker for $448 or upgrade and buy a package that includes the required compressor for a thousand bucks or more. For $3,298, you get a snowmaker that's three times faster than the basic one and converts to a high-pressure washer in the summer.
Here's a SNOWatHOME promo from YouTube:
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Sadly, it doesn't work in summer -- freezing temps are required. In the end, I don't know if I can rationalize pumping gallon after gallon of water into my yard to make a bunch of powder until a complementary, similarly priced Backyard Mountainmaker hits the market. And I expect low-priced sonic earth-moving rayguns will allow me to grow some wicked terrain in my garden, oh, sometime around the year 3000.