Life is leaps and bounds better if you live where you fly. That extra leg to get to work/home, the weather days where you're not sure you'll make it, the crashpad, the extra days and time lost away from home. It just eats away at you, your stress level's just a bit higher, you often feel like you can't catch up. If you've got a family these problems can be compounded.
If at all possible, live where you fly.