It comes down to what your expense to income ratio is. An FO at the lowest paying regional could be doing better financially than a captain. Scenario...

The FO is single and has little or no debt. He lives in base and bids for maximum days off. It's easy for him to live comfortably off his pay. He plans to bypass the junior upgrade so that he can upgrade in his current base and avoid the commute.

The CA has a wife and two young kids. They both have student loan debt, credit cards, a mortgage, and car loans. His wife makes the same as he does, but they have to be careful with monthly expenditures. He could be living in base but he now commutes to the junior captain base.

This is a different job without having to worry about commuting. If your financial situation allows for it, chase QOL and live in base.