Somerville, MA fits the bill pretty well, for sufficiently small values of "decent climate".
I liked the boat house, in the Charles river, were you could register for $120/year, and learn how to sail. The urban transport is pretty good (better than bay area).
For me it was good for a year or two, and then it ended up being boring. Moved to SF, and my quality of life improved a lot. people are just way much friendlier in here.
edit. there are a lot of biotech jobs around there (in Cambridge mostly). Lot's of tech jobs, but it is mostly big coorporations, and nothing too exiting. Few startups, but no near the number of startups in SF bay area. But housing is cheaper, about %30 cheaper, but still very expensive (third most expensive area, after NYC, and SF). And you can meet lot's of smart people, with masters, phd's, etc. More intellectual than the bay area.