As with most complex questions, the answer is "it depends".

I don't know what your startup will do, so I can only speak in abstracts: - Will you need to network a lot? If so, you should be close to the people you want to network with. If not, you can reduce your expenses & improve your QoL by relocating. - Same question if you need to hire / collaborate with other people. More and more can be done remotely, but it is not always the best choice. - Is your future product influenced by where you are located?

Try to think of all the pros & cons of each option you have.

Edit: Entrepreneurship is a fairly "personal" journey (there are few universal answers), so you should ultimately do what you think is best for you.