I have an iHome alarm clock with a dock compatible with an iTouch 4th Gen. Will it work with a 5th Gen if I upgrade?

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The 5th generation iPod touch has got Lightning instead of the 30-pin connector, so you may need the Lightning to 30-pin adapter > http://store.apple.com/us/product/MD823ZM/A/lightning-to-30-pin-adapter With this, the 5th generation iPod touch should work with the alarm clock

Check with iHome. Some docks with 30 pin connectors do NOT work with the the Lightning adopter or it could be that they do not work with iOS 6 or iOS 7