Lots of regional pilots commute, and lots do not commute. It is a personal choice. I would strongly recommend living in base, but if you are going to commute, avoid two leg commutes. If you live in a city that is a destination for your regional, even better because you can bid overnights at home. Also, if your regional serves the city or town that you live in, that can be an advantage because many (but not all) regionals allow jumpseat priority for pilots of their own company.