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Besides the life you and your family have built.

If saving $30k in Chicago lets you sustain your lifestyle for 12 months of unemployment, and saving $30k in San Francisco gives you the option to leave everyone you know and move 2200 miles to Chicago for 12 months of unemployment, those dollars of savings are not at all the same in terms of the protection they offer.

Living in the Bay Area can be a good deal, but to figure out whether that's the case, you need to set savings targets in terms of equivalent capabilities. Different people can place higher and lower value on location stability, but in any case the value is not $0; moving trucks and realtors are not free.