Work isn't so important to me that I would live a substandard lifestyle just for the sake of being in a more competitive environment. Where I live is much more important than where I work. I've been all over the America and the world, and I much prefer living in Alaska over anywhere else.
A contractor I know once compared NYC to playing at the hundred dollar blackjack table.
The guy works 90 hours a week, puts up with extreme (okay, pyschotic) abuse from his clients, and has almost no life outside of work. Is he happy? Yeah, one of the happiest people I know.