Thanks for the quick replies. I'm currently making $60,000 and would be taking a position that would pay $42,000 plus the possibility for bonuses (not depending on those though). In terms of affecting my budgeting, this would directly cut my savings. However, with the bus pass I could sell the car (2012 Ford Fiesta) which would cover part of the loss for the first year.
Why not move closer to your current job, keep the 18k in annual income (that's a maxed out 401(k) contribution!) and reduce your commuting expense?
I currently live in a place where I'm paying $500/mth for rent, utilities included. Places for rent near my current place of work are between $1200 and $1800 for a similar place. It would still be a net savings, but I'm quite unhappy with my current position (hence why I have a job offer in hand).