live in a HCOL area where you can do "vacation" activities once a month in city and you have a million things to do .. have good schools but large schools... but not really take big vacations and have to remain in a more modest home....
or
live in a LCOL area, have a nicer home, smaller schools, be able to take a big vaca or weekend getaways here and there... but not have the activities at your fingertips.
Re: would you rather
#2, because we just did it.
We moved from the DC area to Ohio. We have done more as a family in the last 4 months than we had in the preceding 3 years. The financial stress is greatly reduced. The schools are better. We get much more house for the same money.
DS - December 2006
DD - December 2008