Teri - I'll probably be a bit out of left field on this one, but I'm with my 7th company in 15 years, all choices made to change by me no layoffs. I have left (and in some cases moved) for the exact reasons you mentioned. Unlike Bill my family (and Beka's) are scattered all over the US, so we are not tied to any city/state. I have a motto that I go by "if i can not get up 75% of the time over a 6-12 month period and say to myself - Since I have not won the lottery and I HAVE To work, the job i'm going to today I can find a way to enjoy, learn, grow and have fun!" When i've found I can't do that 75% of the time I start looking for a new job!
For me, as long as the location is not somewhere I hate or have been to and know I won't like, i'd do it. For example, I was working for Indiana Bell in Indianapolis, i HATED Chicago (the city and suburbs) as a place to live. 3 months into the job, the Chicago suburb office (long story short) offered me a raise, free move, better job/promotion and a substantial amount of $$ to move up to Chicago. I took it, and have not regretted it. Now I was only in Chicago for 18 months as I got engaged and both of us did NOT want to live/raise a family in Chicago, and back to Indy I came, again to a better job and more $$. And so it went till I ended up at IBM 4 years ago.
It all depends on your priorities. To me, with my family shrinking every year at this rate, happiness in the job is very important, I do not want to make $$ (more or less) if i'm not enjoying what I do, life's too short. SO, if your family/friends and the life you have now outside of work is GREAT, and the job is good keep looking locally. If the job offer is GREAT and you want the challenge or a new place and enjoy trying new places, go ahead.
Another example is 4 years ago I turned down a lot more $$ in a job that sounded GREAT but would require me to be away from my wife/kids too much, and decided my family was more important. I can always drive used cars, and take less trips, I can't get back the time my kids are growing up!!
Trep