It is my understanding that the decision to have a shrine room/altar is very much a matter of personal preference. The Buddha statue itself won't do much but serve as a visual representation of your practice. It can be a wonderful reminder of the Dhamma, or just (as many people now have) a decoration in a living room. Your mind will determine what you make of your shrine/altar.
As for myself, mine is basically the only thing in my bedroom besides the rug on the floor, so it is nearly impossible to miss. Everything else, including my bed, stays in the closet. I understand that my example is a bit extreme, but it helps me in my practice and thats what matters!
If you think it is
something that you would benefit from, then I certainly recommend it. It doesn't have to be a costly endeavor either.
"The point of meditation is to essentially push the ego into a corner so that it has nowhere else to go. The ego is based on attachment—our attachment to the body and to ideas. When the ego is cornered and has nowhere to go, the only thing one can do is to put it down. And when one puts down the ego, then that is enlightenment."
- Venerable Sheng-yen