I never went to SV or the Bay Area for work, instead opting for NYC since I lived nearby anyway (nearby being within 3 hours). It's a similar issue, though. Housing is way too much. Taxes are horrendous. You make a good salary, but the cost to live there is rough, especially if you have a family.

I still work for a NYC-based company, I just work remotely from Richmond, VA. I like it better this way. I may not always work for a NYC co, but I will stay here. I bought a house last year that would be well into the millions in NYC's commutable suburbs. My kids go to just as good of a school as they did in NJ. There is no traffic to speak of.

If you have a dream of being in one of those cities, one of those scenes, then by all means, go for it. It's just not for me (and from what I can see, a lot of other folks on here).