It doesn't come out in the wash. It's much easier to max out the 401k when your salary is higher, and with the exception of housing specifically the cost of other things is on par with anywhere else I've lived (in the midwest).

The commute (by train) is in fact less expensive than gas and maintenance on a car in many cases.

If you double your housing cost, even moving from a mortgage to renting because you cannot afford to buy out here, you're still ahead in the valley.

Of course, individual circumstances may alter the above, but generally it's true.