Ooh, good question, hard to choose.
OoT is my favorite Zelda, if I lived in that world maybe Kakariko Village?
I am a swimmer and I just love water in general, but if I lived in Zora's domain I would feel very out of place not being one of them and all
I am a city boy and Hyrule Market seems like a lively fun place to live, except that Ganondorf destroys it so not so much. Maybe in child timeline when it doesn't. Kakariko still has the bottom of the well and Shadow Temple right next to it though, would be hard to sleep sometimes knowing what's lurking right beneath your feet...
Taking all that into consideration I think I would actually pick Windfall Island! It's got a bustling town, right on the water, no evil spirits dwelling below is a plus as well!
Great Bay would be great if I wasn't attacked by Leevers every time I wanted to take a stroll on the beach.
Outset Island would be up there to. ALttP Kakariko seems nice as well.