Do you dress up for homecoming??
It depends. Some schools have an ultra-formal dance similar to Prom and others just have a more casual dance. Ask around your school or keep an eye out for flyers for more information on the type of festivities planned.
at my school half the girls just wear skinny jeans and a cute shirt, and the other half wear short slutty dresses, and most of the guys wear nice-ish pants and a collar shirt
but it does depend on your school
Our school, we dress up a LOT. It's almost like prom--we buy dresses (but not as flashy/expensive as prom dresses) put on make up, etc. =]