I gave this some consideration earlier this year actually, but the commute was the killer for me. Along with that, I think I had a fairly romanticized idea of what it would be like to live out there. There's an enormous amount of work that comes with living in a rural area, and depending on the size of your property that can mean buying a tractor to plow the driveway, and do various other tasks required along with maintaining that larger lot in general.
The commute hits you a few ways though (or at least for me). The obvious is that extra 20-30 minutes each way from basically everything that you do. Then the mileage and maintenance on the vehicle(s).
Socially this would be a huge impact also. It depends on what kinds of activities you're into or what requirements you have for work in the evenings, but it might mean getting a room downtown because you're going to events where you might want to have a drink or two. I know that it would mean staying in the city between say work and a hockey game, because driving for an hour or whatever in between would be virtually pointless. I just couldn't come to grips with that, but to each their own.
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