WordPress is the world’s leading Content Management System (CMS) with more than 25% of websites being powered by WordPress.
There are two options with WordPress:
1. A custom domain provided by their shared-hosting CMS
2. You can bring your domain and server space through Bluehost (official WP partner) or another host of your choice.
Costs associated with shared hosting are typically lower than self-hosted domains.
When server space is shared, the cost of hosting is divided between those sharing the space which keeps costs low but also puts limitations on bandwidth.
Self-hosted domains generally have more fees associated but they also offer more bandwidth and control over the design and presentation of your website.