I'm glad you acknowledge it; with rising cost of living, housing prices, and (in my case) medical expenses (the part not covered by insurance, like physical therapy; we're still trying to get a diagnosis so it will be covered), I can't afford a 20% pay cut.

Even pre-pandemic, I rejected an offer from a company literally across the street from where I live, because their offer was >30% lower than what I was earning at the time. I just flat out told them I wouldn't be able to afford to live there - and I live in some of the cheapest houses in this area.