I currently live in a quiet suburb of OKC, maybe 20 minutes drive from downtown. Rent is cheap, around $0.75/SF/month. Bandwidth isn't terrible, but it's not like SF or NYC.
I'm a freelancer. If I wanted to, I could probably cover all my "necessary" expenses working one or two days a week. Instead, I work 6 days a week, and save almost all my money. I want to move to SF or NYC once I have some serious savings.
To be honest, I just don't like the culture here. Although I've grown up here and have friends, gf, etc. here, "professionally" I feel alone. I'm one of only very few tech-minded entrepreneurs. I hack alone. It's not uncommon for me to go 48 hours without leaving my apartment.
I was in SF on business last week and it struck me at just how easy it was to get contacts and network in a place where there are other hackers. There's no awkward "So, what do you do for a living?" conversations where you have to start at "what is a web application". Even for a hacker, I am really, really independently-minded. That said, it would be great to have a partner on a couple of things. But I won't find one here.
tl;dr If it's a short-term thing and you're tight on cash--go for it! But you'll get lonely after awhile.