I relocated several times after college. My objective was to find good places to work and get experience in various fields to find what I liked. Relocating was a 'cost' paid for more opportunity. It was also a good way to try living is different parts of the country.

Some areas had a large number of companies with developer, engineering, and academic jobs. Finding jobs in those was easier in general, but cost of living was higher.

To me, it's all about cost-benefit analysis. Define the benefits of a new area such as better job market, lower housing costs, proximity to a good university, etc. Beware of the 'grass is greener' syndrome. Remember that benefits and costs involve social and culture parts, too. For example, my local job market is quite small, but family is nearby and many of my friends are from this area. Laying out the costs and benefits on paper can be quite helpful in making decisions like this.