I've long maintained a maxim that's something like "Look in the opposite direction of everyone else." So when everyone flocks to the bay area, get the heck out of there. When everyone says "I have no space for junior devs" think about how you can take advantage of that underutilized resource.

Junior devs are cheap. If you're willing to spend the time to sift -- and you will be doing a lot of resume sifting -- and setup a framework for mentorship, you can hire junior devs with more promise than your average senior dev.

Anecdotally, one of my junior hires from a few years ago earned his way through positions quickly and became a senior software engineer in just three years. I actually invited him to be my co-founder on my next venture and he turned me down :-P.