We have never lived near family so it's often been a toss up. When DH and I were first together, we lived in Syracuse, with his family just west of Cleveland and mine in southern Maine; it was about a 7 hour drive, either east or west, depending on where we were going. His family always had a big Thanksgiving celebration. He's one of 7, all married, most with kids back then so we'd go and have a rollicking great time! We usually numbered around 25 for the entire weekend, with T-giving day dinner swelling the numbers to closer to 40. One sister had a big old farmhouse and we'd gather there for the holiday meal. I usually baked all the pies, and one year for Christmas my BIL built me a pie carrier- it holds 4 pies! It was so much fun, even though I drove back from there one Thanksgiving through the worst blizzard ever... through Cleveland and Erie, on through Buffalo and Rochester back to Syracuse! For those years we'd usually drive to my sister's in Maine for Christmas. I am one of 4 but a sister/BIL live in NOLA and don't come home, too expensive and far. Christmas dinner would be DH and me and my sister/BIL. My brother, his wife, and their kids might come for dinner or not- and my mom usually begged off, she doesn't like "crowds" or driving far- she lived on the other side of town, about 2 miles away.
After we moved to San Francisco we stayed there for the holidays- too $$$, not enough vacation time. Once DD was born we moved back east for a few years but went to Ohio for T-giving. Then we were in MI for 5 years, lived about 2 hours from my mother-in-laws. We'd go there every Thanksgiving. On Christmas we ALWAYS stayed home, at least for the morning, but sometimes would drive to Ohio for late family Christmas and supper. It's just too much hassle to travel with all the presents and such, and I wanted our little family (it's just DH, DD, and me) to have our own Christmas traditions.
It's been years since the Ohio family Thanksgiving gatherings. For awhile we did it over 4th of July instead; better travel weather, easier to get time off. However, the kids all grew up and now have kids of their own, and we all got older. We've lived in northern Maine for 16 years which adds about 3.5 hours on to the drive-time to Ohio, so it's fly or don't go. It's been probably 8 years since we've had a family get-together, except for visiting/vacations or going to weddings and funerals. Now our Thanksgiving is with close friends who live here in town, although they are away this year (going to their son's and DIL's) so we will stay home and have T-giving with DD, her new husband and her 5yo stepson. His family lives about 20 miles away but will go to his brother's. That's fine, I'd rather stay home. Christmas? We are visiting friends and family down south the week before, flying home on Christmas Day so we probably won't do anything but try to get home. However, Christmas has always been an at-home day for us. DD has always been here except for a couple of years when she lived in CT and didn't want to make the drive in winter weather. She now lives a 7 minute walk up the street, so if we were here for the holiday, they'd come for dinner and presents in the evening- but no pressure. Heck, we are pretty casual on Christmas; last year dinner was frozen stuffed shells from Sam's!