Better pay and opportunities, it's as simple as that. Having lived in the UK and Canada, I can say that the tech (and particularly startup) industry in the US is simply much bigger and more advanced than other places I've been.
Yes I suppose one can make 100k in the valley. And pay how much again for rent?
The pay and the opportunities are better, but they may not be significantly better to justify it.
In the valley it looks like everything will get an angel round if it stands still long enough or go to enough CV meetings but it is not all there is to life or a career.
Rent is a day-to-day concern that does not matter in long term. Opportunities give you access to experience, connections and reputation that will stay will stack up and stay with you throughout your entire career.
To put it other way: resources sunk into cost of living add up linearly over time, the benefits of (exploited) opportunities get amplified and yield exponential results over the years. You want to go for the exponential curve.
I disagree. Day to day concerns are exactly what turn into 5-10 year issues. Non-software people get shocked when they hear you make over 100K and can't save much. I do agree that part of it is that what we take for being a normal standard of living is pretty up there. But still ... I find it sad/messed up that after working for 5+ years in a high income, high rent part of the country, I am no closer to buying a house/condo. I just have 50K in the bank. About 100K in retirement. Makes me want to cry :'(
I'm from Ireland and I have been living/working in tech in the Bay Area for the last 6 years. While rent in SF is more expensive pretty much everything else (groceries, booze, coffee, restaurants) are significantly cheaper than in Dublin (25-50% cheaper). The average base salary in the Bay Area (excluding bonuses and equity)is more than twice what you would get in Ireland.
This plus the greater variety of work options and culture made it worth the hassle for me. Also If you are willing to live in Oakland/Berkeley rent is a lot more reasonable.
Better pay and opportunities, it's as simple as that. Having lived in the UK and Canada, I can say that the tech (and particularly startup) industry in the US is simply much bigger and more advanced than other places I've been.