Another issue is that there is quite a bit of an income gap within the tech industry itself. Yes, a $100k salary out of college is fantastic, but the cost of living is so ridiculously high that it's almost impossible to buy decent housing here unless you already have old money (which I don't). My parents had an easier time in the 1970s buying a house with their lower salary (adjusted for inflation) than I do now in the Bay Area.

Conversely, many of my hip millenial techie peers are willing to blow their entire salary living in San Francisco, going out to eat every night, driving up their credit cards. I don't have enough fingers on my hands to count the number of folks I know who make six figures and spend 70%+ of their income on rent alone just to be around their friends.