Well, the great thing is he's a friend, so at least you know him personally. The bad thing is that long-distance relationships are notoriously hard to maintain. If you think he's on the same page, then maybe you should consider entering a relationship. But at some point, one of you will have to compromise and move should the relationship get serious. I wouldn't talk to him about it yet though - just feel around to see what he plans for the future. Who knows? He could meet someone tomorrow who lives a block away from him. Or you could.