But clearly not if you can’t even afford a place to live. Richmond and plenty other cities have TONS of economic opportunities, but not as many as NYC or SF - they’re also much cheaper. Clearly there’s a balance here so the answer isn’t so obviously “there’s a housing crisis because I can’t afford to live in SF”

Hmm - I think you're misunderstanding (or maybe I am too). There aren't really that many opportunities (AKA - jobs) in Raleigh as in DC. Certain professions are not as common in Raleigh as they are in DC. If you're looking to be a lawyer, DC probably gonna be better.

So, it doesn't matter if X region is cheaper if there aren't any jobs there...

I mean - I moved to the bay area because that's where so many software engineering jobs are. I didn't move here because I loved the high cost of living. I moved here because there were a lot of jobs and I had an easier time getting a job here than almost anywhere else (ironic - I know). The places that were hiring in "anywhere else" were paying $50k/yr and still not easy to get into.