I mean, I don't live in SF, but I spent a pretty good chunk of change to buy a house in the Boston area because I can't rationalize living in, say, northern New Hampshire, regardless of the savings. I value other things more that just don't exist there.

People want to live where there's culture and work. Why should they not?

People live where the jobs are. I know someone who bought a house in North Dakota for the value of the propane in the tank outside. There are no jobs in the area so the former owner was just glad to be rid of it. The guy I knew was glad to have a place to sleep near his secret hunting place, he had no intent of spending more than a few days a year there.