The Village of the five Demons is a location in the manga of the series, that is only featured via Gokimaru's house and Mount Oomine, but currently isn't known to play a greater role beyond Akira's awakening as Goki and Zenki's revivial via Goki and Chiaki performing the "Formation of Resurrection" together.
While the original, Japanese manga refers to this place by the Furigana and Kanji writings of ごきのさと and 五鬼の里, which both transliterate as "Go Ki no Sato", the Chinese version of the manga changes the location's name to the "Hometown of the five Demons".
This change is likely due to the different writing style of the Chinese version and only puts more emphasis on the fact, that this is the place, where Ozunu Enno and his five demon warriors lived back in the ancient days.
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