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Local news, even in big markets is facing really rough competition. I work in a small market and believe we'll be down to two news stations within five years. What's more, the two remaining will be humbler operations. I'm glad to have put in my 24 years while the going was relatively good. Sure, the pay didn't match what my college peers earned in other businesses but I had fun and never went hungry.
My advice if you're going to continue in this industry---learn to wake up early and do a morning show. That's where the growth is, sucky hours and all. If you're doing an 11 o'clock program exclusively don't make long term plans.
And, most importantly, don't expect your managers to blink when you say "It's a big pay raise or I'm leaving." You're probably a lot less critical to the organization now than you've ever been. You can walk before they make you run---or you can get control of your spending and your ego now. We're lucky to work in a truly exciting business. The business, unfortunately, is shrinking...