If you choose your new location carefully, it can be done. I would choose a town or city that has excellent mass transit, has a supportive and effective bicycling environment, and has Zipcar or another car-sharing program. I would choose my house or apt. based not only on the location of my job, but on the locations of potential future jobs, too. And of course, stores and such would have to be bikeable or walkable.

It can be done, but you have to plan it out carefully.