I assure you no one's mortgage here is $850 a month unless they bought after Katrina (and even then insurance now has obviated that). Personally I just think employers here think the talent has handcuffs and won't or can't leave. It's not so much about matching the Bay Area salaries but more about respect (a place in Metairie that starts at 120k outright tells you "We don't want you leaving after two years (and implied minimal raises)".)