We moved out of the silicon valley partly because our income would not allow us a comfortable life there, but it would when we moved to a region where cost of living is much lower, but we still get what we care most (educational opportunities, academic center, great cultural events, much less materialistic, etc). Some of my friends though would never want to move away from the bay area. Personal choice is definitely an important part. Even in a very expensive area, one can choose to not keep up with the neighbors on certain things.