In my recent experience of looking for my next job in the AAA industry I've found that:
- the majority of game jobs in the USA seem to be in the Bay Area
- the Bay area is super crazy expensive, indeed. I looked into apartment rents when I went out there for an interview, and it was as expected.
- I get the impression that few, if any, studios actually are interested and willing to pay people a relatively higher salary that would match the amazingly high cost of living compared to, for example, Texas. I have a lot of experience in the industry, and I've had a number of interviews, and they all seem to start going bad once salary starts being discussed.
Everyone has their own situation to deal with, but I think for many people the Bay Area is not affordable. People with a family to support, a retirement to save for, or a standard of living they are trying to maintain are likely to never find a job that works for them financially in the area. However, being a young person with few responsibilities and the ability to live cheap with multiple roommates means that the area 'might' be affordable, relative to your needs.
Personally, I'm pretty disappointed that their aren't more studios thriving in areas outside of the Bay area in the U.S. A LOT of jobs have gone up to Canada, and a lot of studios in other places in the U.S. are just are not expanding like studios in the Bay area are.