By we do you mean software engineering in general or bay area? Asking because most people commenting on hn tend to assume the entire universe is just the sf bay area.
Even non-bay area SWE in general is still much better than most other job types and probably much better when it comes to having a nice place to live anyway.
I'd say non-BayArea are relatively in the best position, because remote work always gives a chance for salaries much higher than local to you, while unlike the SF, costs of living won't eat most of what you earn.