I consider working in Vancouver to be $15k/year preferable to working elsewhere in Canada.
I consider working from home to be $40k/year preferable to working from an office.
If I spent 5 years living in the bay area, that $20k/year would drop significantly, since I would no longer need to learn those quotidian details.
Perhaps I should have said that I consider Canada to be $5k/year preferable to silicon valley, plus $15k/year as a frictional cost of changing countries.
In terms of $/hour, $80k/year for an 8 hour work day isn't much worse than $120k/year for an 8 hour work day plus a 1 hour commute in each direction. And I think best when there aren't other people around.