Pro: I make more than the mayor of our city and it's not a small city, nor is it a city in a doom loop of decline.
Con: That's after convincing the first remote salary position that I had the right stuff nearly ten years back, and then enduring the neverending stress of making sure I delivered on every front so I could be established as a remote engineer and not be capped by the limited opportunity in this fly-over state / not very technical city.
Pro: There are an insane amount of remote opportunities now.
Con: There's more competition for the positions due to the pandemic normalizing it. Also, you don't want to be the only remote person. When you interview for a position, interview _them_ as to how remote work actually works there. Entrenched remote companies with a culture that's battle hardened for that kind of work environment is a way better opportunity than a place that "does remote now post covid".
Pro: Your money goes farther than your peers in an awfully expensive place.
Con: Cost of living tiers are more of a thing so the gap isn't as big as you might think. What states the company already "does business in" limit their ability to pay you / onboard you easily.
Interview enough to know what you are worth, loyalty has it's benefits but don't get abused, once you have a solid work history of being effective remote engineer / leader -- you're golden.
Never quit learning and make sure you know what keeps you valuable as the years add up. :)