I moved out of the Bay Area and own my home outright. The offer lets me work from home where ever I want (with some restrictions). So home cost isn't relevant to me.
And on the college tuition front: While I wouldn't necessarily advise it of today's high school graduates, by the time my kids are ready for college I don't expect college to look like it does today.
Or rather, I expect companies to be more concerned with what you know instead of how you learned it, and with the huge movement toward making effectively entire college educations free online, I think that the face of college will be transformed -- and made correspondingly less expensive -- by then.
It's already true to some extent, and if the question is between going into serious debt or getting a college degree, I think the prudent choice might be to use free or inexpensive online courses to get a degree rather than piling up serious debt for a questionable advantage in getting a job. It seems like "free internships" are already the way to get on-the-job experience, and that's a lot harder to accomplish if you've got a huge debt that's demanding to be paid.
In addition, politically speaking I think we're at the extreme right end of the pendulum swing right now, and once things swing back a bit to the left, state schools will become more affordable again. A lot of the rise in costs has been correlated with the fall in state funding. Though the rest of the rise in costs can be attributed to the rise in administration salaries; almost a half million/year for a UC Regent?  How much value can that regent possibly be bringing to the UC system? How many others like him are burning up the money that people are paying to get a good education?