Yes, but the relation between the cost of living and monthly income is not directly proportional, especially in the software industry where remote work is possible. You would be making less, but if you're making one third of your SV income, the cost of living can be much lower than one third of SV.

I'm from Romania, having worked remotely for EU and US companies and I never left because here I can have a much better lifestyle, I have freedom of movement when needed and recruiters coming with proposals which include relocation are simply not competitive.

Seriously, Silicon Valley is extremely overpriced and IMO quite toxic as an environment to live and raise children. That's because it is a bubble of really smart and well paying engineers, scientists and business people that have created a highly competitive environment.

And if you suffer because of the bubble, the answer is not to fight your way to the top, because that doesn't solve the problem. No, if you don't like the bubble, the answer is to get out of it.