I think the most important consideration is the location of your home. Besides convenience and distance, it's important to me to live in a place that is attractive and has an interesting street life--someplace where I truly enjoy riding, walking, or even waiting for a bus.
Another important thing is to have a Plan B. If cycling is your main or only transportation, what will you do if for any reason you can't ride? Make sure your location includes access to Plan B. Public transit is the main backup for many people, but other possibilities are walking, taxis, mooching rides, car share, and so forth.