The only time I have taken job offers too low was when I was unemployed; some worked out while others did not. Part of it depends on what you need to survive and how much you want the job. If it just involves tightening your belt a little bit, then do some math that considers commute time, hours you will be expected to work (especially if it is a salary position), options for overtime, and benefits.
One note about negotiating a salary above the posted salary range: If the company agrees, it may put you in a position where you have to wait a couple of years before you are eligible for a raise. This, of course, depends on how the company sticks to its salary policies and whether or not you are eligible for promotion to a position that aligns more with your salary.
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