The Land of Israel is central to Judaism. It's an intrinsic part of the covenant between God and Abraham, and it's where the Patriarchs and Matriarchs lived and are buried. Most events recorded in the Tanach took place in Israel.
Israel is the only land conducive to developing the faculty of prophecy. All the prophets either received prophecies in Israel, or prophecies that related to the Land of Israel. For example, Abraham's only prophecy outside Israel was the command to go there.
Even today, people who live in Israel experience extraordinary Divine assistance in Torah study and spiritual growth. As the Sages said: "There's no Torah like the Torah of the Land of Israel;" - "The air of the Land of Israel imparts wisdom." In Israel one can experience a higher level of tranquillity than can be experienced elsewhere.
Furthermore, most of the commandments only apply when the majority of Jews are in Israel; nowadays, when most Jews live outside Israel, only 270 of the 613 mitzvot can be fulfilled.
Is there a specific mitzva to live in Israel? Many authorities say it is a mitzva to live in Israel, in keeping with the verse, "and you shall possess the land and dwell in it (Bamidbar 33:53)."
Maimonides, on the other hand, states that "one should always dwell in the Land of Israel," yet he does not list it as one of the 613 commandments. Rabbi Moshe Feinstein explains that according to Maimonides there's no obligation to go to Israel, although it is a good thing to do.
Since living in Israel affects almost the entire range of mitzva observance, all factors should be considered. Will you be able to find work that provides you with the time and money to fulfill the mitzvot - for example, study Torah, give charity, and provide a Torah education for your children? Halachic authorities throughout the ages have emphasized that a person should come to Israel only if reasonably sure he can support his family and guarantee his children a Torah education.
However, one shouldn't seek luxuries - the importance of living in Israel outweighs driving a Ferrari and eating steak every day for breakfast.
Other factors to consider: How will you deal with living far from family? How will you adapt to a new culture? What suitable marriage prospects are available? What appropriate Torah study program will you connect with? Will you be able to live in a Torah neighborhood?
God forbid anyone should say a life isn't 'worthwhile' just because it's lived outside of Israel. A life dedicated to Torah and Mitzvot is certainly worthwhile, wherever it is. Sometimes a person's contribution to the Jewish People can be even greater outside of Israel, especially a person involved in Jewish education or outreach.
Coming to Israel is sort of like getting married: Everyone should do so eventually, but not because a well-meaning relative bullies you into it. And if you do so when you want to, you're more likely to fall in love.
