Yes, though salaries are a factor as well. When I ran the numbers on some offers years ago my estimate was that moving to Silicon Valley would be a financially

Yes, though salaries are a factor as well. When I ran the numbers on some offers years ago my estimate was that moving to Silicon Valley would be a financially sound decision if I lived frugally because I'd be less exposed to the high cost of living. But once you start factoring in things like owning a home, childcare, etc the salary premium compared to cities like NYC, Boston, Seattle, Portland, etc just isn't sufficient. So it makes some sense that the area attracts young people looking to strike it rich but pressures them to leave if they haven't won the startup lottery and still want to have a family.