A better way to answer would be:
If you live in domicile, how much time will you be a home? If you live at your Guard base, how much time will you be at home?
For instance...at FDX, where I work, there are several guys who live here and bid reserve lines or out and backs. That means they are home "most" of the time, albeit sometimes at odd hours if they are doing the am out and backs (300am-10am kind of flying). Some of these guys commute to their military jobs...a popular one being Columbus AFB, MS which is just 2.5 hours away down the road. The only days they spend away are when they get called out on a reserve trip or they spend the night when doing reserve duty.
If you work for SWA, or JB, or FDX, or anyone else you have to figure out if you will actually be "home" when you are flying a trip or if you will disappear for several days from family. Will you be RONing in your hometown when on trips or in a different city? For instance, moving to Mem if you fly MD11s to Asia for 2 weeks at a pop might not make sense...you are still GONE 2 weeks and now when you come home to do your ANG act you have to leave again...not fun. So...I think a major factor in your decision is what kind of flying you plan on doing at your new job.
For me...any trip with FDX involved travel away from Memphis, and I was already established in a town I liked. I didn't have to find a mortgage on year 1 pay (see other threads for woes of guys trying to do this) and my wife could keep her job. And since I fly in a training wing, deployments are few, and generally I am home for dinner after a day of work in the Guard. There is enough stress on family as you learn your new job and lifestyle...I didn't want to throw a move in with all its associated stresses of new friends, schools, church, neighbors, etc.
As for the ANG, at most airlines you earn less on year 1 pay than you did when you left active duty, and an UTA/FTP or even an MPA will be worth more than a trip if you figure out the salary/day equation. So...as long as you can use some mil leave without risking your probationary year getting extended, you will likely come out ahead doing more mil and less airline flying for a year or two. Depending on your unit and its ops tempo, you may find more nights home with mom and kids if you choose to stay close to your unit...but again...that is based on YOUR unique situation and the type of flying unit you join. I'm sure a C-17 job and an AT-38 job have a lot of differences...and I don't claim to know all the ramifications of each one. Just try to figure out which job puts you at home more and I'll bet you can make an informed decision based on your situation.
Good luck!