A place for prayer:
One can pray anywhere at any time. Throughout my day I try to pray at various points, some are more private and set apart others take place in the normal course of the day. I will pray parts of a rosary when I'm walking somewhere or driving or say quick prayers randomly when time allows.
It's important, however, especially in this day and age to create a space where deeper, meditative prayer can take place. It has become a cliché to say how distracting the modern world is, yes it is a cliché but that doesn’t mean it's not true and carries danger with it. Distraction is not of God in terms of distractions that take us away from him. We are surrounded by noises whether it's cars outside or the Television inside, planes flying overhead or the phone in our pocket vibrating with notifications, we have become so used to distraction we often don’t notice the distractions while it's distracting us. Having a place set apart from the world where we can come for 5,10,60 minutes at a time and shut it all out is more important now than ever.
I don’t know you, where you live and your personal situation. You may live in a studio apartment with other people or have a large home in the country and plenty of land, the geography, and description of the location aren't important, but the spirit of the idea I am trying to relay to you. I recommend having two places in your home for worship. A domestic altar in a more public place of your home as well as one more private. If you are single this may not apply to you, a single place in say your living room may be quiet at all parts of the day, but as a father, I need to find a separate place apart from the “public” domestic altar where we say our family prayers to be able to find a more quiet place. The more ideal is what I am doing now which is to build an actual prayer chapel outside the home. This came to me in a vision from God that I couldn’t shake of building a place of prayer on the north side of our property, ad orientem (facing east). In whatever fashion you can find this place in your home is more than fine.
Your place for prayer is not just a location but also the setting and environment. It should be as quiet as you can find and also contain tools for assisting you in your prayers. By this, I mean setting up a “domestic altar”. As I explained in the video we use this term loosely as it is not the sanctified altar that resides in the church where the holy sacrifice of the mass is conducted, but a symbolic representation of that in our home where we offer prayer and sacrifice to God. This can be as simple as a corner shelf or a small table. First and foremost for any domestic altar, place of prayer, a blessed crucifix should be affixed over you. Along with that place holy images, prayer cards, prayer books, bible, rosaries, etc on or near it. This signifies it as not just another end table in the home but a SPECIFIC spot where prayers are offered. The importance of this can't be underestimated. The setting is very underrated in the modern age. When you enter a traditionally built church you know where you are and what you are supposed to do there just by the aesthetics and ambiance of the place. You can never mistake it for a community potluck, nightclub, or social gossiping center. If however, you walk into a converted strip mall office where a church service is being held it's hard to remain focused on the divine when you look up not to see stained glass and statuary but popcorn ceiling. Aesthetics are not merely for want of decoration or mere opulence, they are there so that our minds are lifted to thoughts of the divine and not thoughts of the world.
By even having a simple shelf with a cross or holy image there, you know that when you are kneeling in front of it what your purpose there is. I prefer to pray in the dark by candlelight/oil lamp as the symbolic nature reminds me that I live in darkness, a fallen world, but the light of Christ shines forth from the darkness and one day will illuminate the world. Blessed Candles are especially nice to have. In traditional Latin masses, every year at Candlemass blessed candles are distributed to parishioners, but you can also buy them and take them to a Traditional Latin mass priest or one who knows the old rite to have them blessed.

You can make your domestic altar as simple or intricate as you wish, the point is not to display your holiness but to create that space that lifts your heart and mind to God, whatever does that best for you is the best way.