Earlier quoted context omitted.
Or just rent a room in an apartment with roommates for $700/mo and don't get a car. Now you can get a job at an exciting startup instead of a 12 year old advertising company with 15,000 programmers.
$700 per month is still exorbitantly expensive relative to most of the country. In Columbus Ohio that gets you a three story house with beautiful wood floors, or a furnished multi-room apartment in downtown Cincinnati. Only in the valley is that kind of expense living frugally, and it's something someone with a student's level of savings ought to take stock of before making the leap.
That's a far cry from what you're talking about in Ohio, and I'm not even in the Valley, and the prices here aren't too far off from prices in Toronto, Ontario.
I'll also note that Ohio isn't known for being a prosperous part of the country either. I'm sure you could find cities around the country where the housing prices are similar to SF (though still maybe less).