I'm not saying "Bay Area is still definitely better because, hey, look at my math". I'm just saying that a 1.3-1.5x salary increase can more than offset a 2.4x rent increase. Obviously there are other factors that are too numerous to list such as commuting costs.
And commuting is expensive. I have a 10 minute bike ride right now, there's no way I could afford to live close enough to SV to bike to work. It's almost enough to erase the rest of the cost difference. http://www.niallkennedy.com/blog/2006/03/silicon-valley-comm...