Having had both, I would DEFINITELY take NUMBER 2.
Time is such a valuable commodity. If choose living 60 minutes from work instead of 15, you are losing 90 minutes every day to commuting.
Let's say you work 5 days a week, fifty weeks a year, that's 22,500 minutes per year, or 375 hours, or 15.6 full twenty-four hour days every year.
Living outside the city might seem relaxing, but driving in traffic every day is definitely not. That's not to mention the cost of gasoline, wear and tear on your call, and the increased risk of "unforeseen events" associated with all that extra driving.
Also, I've had much more luck reselling property that is convenient to everything, especially in times where the economy is not that good.
I know I'm in the minority, but you can always vacation in the country. Once your time is gone, you can't get it back!!!