The variation in premium neighborhoods from a city like Miami vs. one in Boston is nominal especially when you consider availability of private schools, etc. Point blank ... these guys considerations are not necessarily the same as ours.
If you were to look at $1.5M houses in both areas, my bet is that you could normalize the cost of living adjustment fairly easily. Which area has had more of a decline in housing prices?
And while nightlife might be important for some people, others might consider other items (proximity to parents, schools, safety).