People don't move to a place because that place has cheap housing, otherwise people would be piling into the countryside. People move places with better economic opportunities for them and their families, generally that means jobs but it also means low crime, good schools, entertainment options and more.

As for companies moving, there is good and bad about your hq being located close to other hqs and good and bad locating away, but there is generally far more good in locating together. Shared talent, shared training...