Employment is a market, similar to many others. As long as there are a significant number of companies that want you to show up in an office, choosing to live in an area with fewer employers puts you in a different cohort with a lower market-clearing price.

Also, the value you deliver to your employer will change whenever there’s a substantial shift in your working relationship. To the extent that your job requires collaboration, working in the same timezone as your peers has obvious benefits, for example.