If you think you’re better than average, especially top quintile, then moving to a big city will offer so many more opportunities it will more than make up for the temporary pay cut or hit to quality of life. Of course this all depends on your goals and situation such as having dependents and age. But it could pay off big by giving you more chances to network, start businesses, meet a high income earning spouse, etc.
I do think I'm better than average (most people do, don't they?) but probably not top quintile. One thing stopping me from doing it is that I don't have any desire to start or run a business. I'd do a CTO role somewhere with profitability or funding, but not as a co-founder. Just not an interest of mine at this point in my life, 32, single no dependents.
