It may matter.
When deciding which resumes make the cut to be invited in to interview, those that aren't an hour or more away have a home court advantage.
However when I'd get a resume from a new grad with an address like "--Sheridan Road, Lake Forest, IL" a very expensive area, I'll figure that's mom & dad's address & won't think much about it. If the address is way beyond any possible commuting distance, then it's a moot point.
If in doubt, include in your cover letter, "will be relocating to YourTown in the near future."