I'm afraid it's not the only explanation (economy), but it's still a very good reason. Looking at myself, I've been working remotely for the last 7 years and there is just no way back, even if another company would pay me 2x or 3x more. Remote working is a massive perk and thanks (due) to Covid, a lot of people became aware of this.
I agree with trivializing the prospect, but for me personally it's less about the nature of the work or the city, but the ludicrous instability that a company would hope you don't think about. It's fine if where you're coming from is a desolate market and you're wanting to seriously improve either your income or location for personal reasons, that's a sensible risk. But doing it for a more lateral move, or for marginal gains, I'd be asking myself how committed this employer is to having me; the answer is usually zero. So I go and get my expensive apartment in a scarce market and start working away on whatever inane problem company x is paying me for, and 2 months in it turns out, "oops, we overhired and have to refocus our energy on digitizing, solutioning, and don't forget problemization and alignment".
One case where this would be worthwhile though would be one where you wanted to move there anyway, and the company is arbitrary
I'm not sure I could go back to in-office work, but also moving cross country isn't even feasible for me at this stage in my life, even if I wanted to.
The salary I get now (working remotely) allows me to work for 3 months and relax for 9, should I desire to do so. I guess if someone offered me 9X more for working in the office, I would agree - but I'd quit after 3 months to enjoy my freedom for the next 3 years. (Or, what is more probable, take a less paid but remote job as I enjoy doing what I do and want to stay competitive in the market.)
I've been working in tech for several years so my salary is quite decent. My main cost is rent, around €800. I cook myself most of the time. My second half is working full time which gives us another layer of security.
Until recently, the other major cost was the education of my kids, but fortunately that expense is now gone.
