Update May 3rd, 2015:
My previous answer was for a much outdated platform (latitude doesn't even exist anymore as far as I can tell). Here are some steps for current Google Maps.
- Open the Maps application.
- Navigate to Settings.
- There should be an option to Edit home or work address.
Previous answer below for historic purposes...
I finally figured out how to do this and thought I would explain (since it is not very obvious).
- Open up Google Maps or Latitude
- Click on yourself (the tag that shows your name, last update time, and city)
- You should be able to click a
Location history option
- With the history open, click the settings button in the lower right corner
- There are options to change your home and work addresses!
Hope this helps someone in the future.