So I can speak from experience here, on both ends. I was recruited back to upstate NY after moving away for about 200k to run an engineering team, I make a bit north of that on the west coast. I turned it down without even thinking about it too much, one I would have to uproot my family, and if that company went sour, I wouldn't be able to provide for them the same way and we'd have to move again. I also couldn't take the winters anymore.

If you are recruiting top end college grads, forget it, they'll get snapped up by the bigger companies, even if you are offering them the same, it's about the name and moving out west. If you are recruiting senior engineers, none of them will move from the bigger cities, and there aren't really that many local if at all that can solve certain problems, they all move away.