Just a couple of notes: First, with regard to concerns about penetration of building materials, either +P .38s or .357s will go through lots of layers of wallboard without stopping. Your best plan is to hit the torso of the home invader. I have actually had the opportunity to do some testing of various loads by shooting up an old house I was about to demolish. Most good self-defense JHPs in handgun loads will zip through at least 6-8 layers of sheetrock and keep on truckin', unless you hit a stud or a brick or stone exterior wall. Sheetrock is particularly good at plugging up a hollowpoint and making it act like ball. If you want to limit wall penetration, a .223 loaded with varmint bullets or a shotgun with #4 Buck or smaller shot will be much better. By the way, 00 Buck will also penetrate multiple layers of sheetrock, and the hottest .357 magnum 125gr. JHPs will likely penetrate less building materials than will a heavier, slower +P .38 bullet.
As to hearing concerns, I say, "Huh?" My ears have been ringing since my 15th birthday, when I got a .22 magnum revolver and shot a couple of cylinders full of magnums while standing next to a cinder block wall, without ear protection. Years of exposure to gunfire with inadequate ear protection, and to loud machinery with no hearing protection, have caused me to lose quite a bit of hearing. Nonetheless, concerns about my hearing are way down my list when it comes to choosing a self-defense load. Someone has commented that you can't hear if you're dead. Yep; as we say here in Texas, "There you go." My usual carry guns are 9x23s, which have the sound energy of a hot .357 mag. load, and the same ballistics. Best option if you are really concerned about hearing issues is to keep a set of electronic amplifying muffs next to the bed. If you have time to don them and turn them on, they will not only protect your hearing, but will amplify sounds made by an intruder.