This is exactly the setup my significant other and I have. We even live in an urban area that is pretty bike hostile, car obsessed, hilly. We have one car that we share and the other bikes/walks when needed.

There have only been two or three times over the course of about 7 years that having two cars would have been nice, but it obviously didn't make that big of a deal.

It's definitely helped keep us healthier as well, particularly compared to our similar aged friend group (~30 years old). We've both gotten comments from our physicians in the last few years because of this too!