I believe that every actor should have their own home video studio setup, for a couple of reasons.
First, it gives you more flexibility for auditions. What happens when you get a call for a last minute audition that you can't make it to? It's rare that a casting director can be flexible enough to see you outside of their normal audition times. But with a home studio, you could easily self-tape your audition and send the video file directly to them.
The ability to self-tape your audition can also open you up to opportunities outside of your home market. There may be a role that you'd be great for, but is shooting in a different area. It might pay enough to make it worthwhile to travel for the gig, but you don't necessarily want to travel in for just the audition. Again, with a home video studio you can self-tape your audition and email the video file, saving you the time and hassle of traveling in to audition for a job that you're not guaranteed to get.