I could see that.
I know someone who is 35 and works for a fully-distributed company now, but he continues living in Santa Clara after 10 years for two reasons
- if this job falls through, he knows it's still the best place to pick up a new software engineering job, especially if you've been there for a while and you now have friends in many companies. He's had three jobs in 10 years and has not had to move.
- his landlord has not changed rent much over the years, so while his apartment was pricey for him when he moved in, it's not that out of step with what he would pay if he moved to a cheaper city and, with raises, it's a less painful price.
If you have some tenure in the area, you might be doing pretty well even though a new hire coming into the same job that you started in ten years ago would just be gut-punched by the prices. If everyone were in the position of the new hire, squeezed by lower salary and higher rent, the situation would be more dire.