Tricky decision for me, because while I like a lot of time by myself and love being around nature, I sometimes like the activity of a city. In real life this translates to me preferring to living outside the city limits but within easy traveling distance of bigger cities. I also like temperate places. Factoring these in, if I had a boat and a Wind Waker, Spectacle Island would be a pretty nice place since it's only a hop and a skip away from Windfall Island (though I'd have to somehow convince Salvatore to move away, since it seems he got the idea first.)
If I'm not Link, though, that's not likely. So perhaps Kakariko Village in Ocarina of Time since it's within easy traveling distance to both the Castle Town Market and Zora's River. Then again, I'd be living in the shadow of a volcano, and it'd be kinda freaky to know what lay at the bottom of that well, or above the cemetery for that matter, but...no place is perfect. XD