Trying to use the same home directory for two different distros out of the box will likely cause complications.
One possibility is to make a partition that is sort of a home partition, but contains only the data for the applications you wish to share between distros. Then you can create symbolic links to the appropriate files/directories in the appropriate places in your separate home directories in each distro.
For example, if you use an app that in one distro stores its config in
~/.foo, and in the other stores it in
~/.bar, you can create one directory in your new partition, called
/mnt/baz/myapp, and then just
ln -s /mnt/baz/myapp ~/.foo in the first distro and
ln -s /mnt/baz/myapp ~/.bar in the second.
It sounds complicated, but I use the same sort of setup to share certain portions of my home directory (Downloads, Documents, Music, Pictures) among a couple of different Ubuntu releases, and put them on an HDD so I can run the rest off a smaller SSD for speed.