I went back to the class of 2023 to see what they were talking about this time of year. I found this post by @FourStars that might help generate some questions going forward at interviews, information sessions or when it is time to make a decision.
@SoCalPops et al - Hello again! I wanted to wait until I had time to give a decent reply, although your question about prioritizing location is one to which there is No Single Answer. Some thoughts:
All things being equal, of course it would be ideal to be in NYC or LA (or Boston, etc).
Equally important is a high caliber program with quality of instruction, and contacts. Look at how many working actors there are from the program if you can.
There are only a few top caliber programs in NYC and LA - to apply only there would be a very small list. But clearly they are wonderful options.
And the bottom line is, because the acceptance odds are so low, it is prudent to apply to a broad group of programs.
There could be a subset of people who just apply to all levels of programs in NYC and LA - this can be a logical approach. I know folks who have chosen to pursue the 2-3 year acting conservatories in NYC or LA (think Atlantic, Stella Adler, etc) rather than go to a 3rd tier program outside of the major markets.
Likewise, there is a subset of people who will choose caliber of BFA program over being in a major market.
There is also a compelling argument for a solid BA from a well-regarded academic program. If you go to an Ivy or near Ivy level program, you will still form contacts. You can supplement with conservatory work over the summer if you like.
People will succeed and not succeed from every path. By pursuing many of these paths, over the course of the year, with audition experiences (including the interview in which you learn), callback experiences (only a few programs have callbacks, but a lot of info is gained here), and then the crazy pattern of acceptances and rejections, you start to figure out your game plan. And, you just have to live with the acceptance subset you have in hand.
A few observations on a high caliber program outside of NYC. I am not saying this is the RIGHT approach just sharing factually what we have learned so far on the ground.
Many top programs outside of major cities maintain strong links to the industry. UNCSA has Showcases in 4 markets: NYC, LA, Chicago and now Atlanta. All students are included (not a subset).
They bring in Guest/Master teachers from NYC/LA, including a top on-screen acting instructor. Many have strong industry connections.
Casting notices are shared with many top BFA programs. My D has already submitted via self-tape for a few.