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<p>So correct for it. But we should then also ‘correct’ for the fact that California in general - and the Bay Area in particular - is one of the most desirable places to live in the entire country. The Bay Area is expensive because it is a pleasant place to live with numerous job opportunities. Cal graduates could surely find work elsewhere in a cheaper place to live, but how many actually do? {In contrast, there are plenty of schools such as the University of Rochester, SUNY-Buffalo, Syracuse University, or to some extent even Carnegie-Mellon, where graduates are eager to move away due to a lack of local opportunities.} </p>
<p>That is why I’ve found cost-of-living ‘correction’ analyses to be deeply misleading. There are reasons why certain places to live are more expensive than others. Even within the Bay Area, there are certain locales that are significantly cheaper than others, but also clear reasons for why that is so, ranging from high crime to transportation inaccessibility to relative lack of interesting activities.</p>