I can filter out 50% of the noise at work, because it probably doesn't apply to me.
I can filter out 10% of the noise at home, because if my wife is talking or our cats are meowing, it's almost certainly directed at me.
IMO the only advantage of working from home is that you can control all those free variables that make you distracted: E.g. Get a quiet study where you tell your wife, cat(s) etc that you cannot/will not be distracted during work hours. Doing that at work can be tried but depending on the work place, may not be kosher.
I personally prefer working in the library. I have been most productive doing that back in school and sorely miss it.
Well, sojacques already addressed the cat point, so they only thing I have to add is that I live in Manhattan, in a very spacious place by our standards, but one that doesn't really come with a study - not unless I wanted to tear down everything in the closet, toss my wife's things into a box, and have a space the size of a desk to work in :P