Commuting
You can live in Timbuktu, if you want. The airlines only care that you meet your show time.
Commuting is very common, and airline pilots who do it have it down to a science. You don't necessarily have to non-rev on your own line; you can jumpseat on any airline that extends the privilege to pilots for your company.
Now, whether you want to do it depends on how much you want to be away from home and how much stress you can endure. Most pilots I have known commute the day before they must report for work, so that clearly cuts down their off days. And what are you going to do if you hit a bad weather day and you can't make it in? Not good, especially if you are a new hire on probation.
I probably would not have done it, unless I had worked for a regional that hubbed into my home town. I would have fewer miles to travel and a smaller route structure with which to deal.
Hope that helps.