That's true, however DC & Northern VA specifically are actually pretty expensive to live in. In fact, I would argue that they're not great places for a lot of devs, because the cost of living is high but you also don't get much in return for that COL - it's high because people in the region have basically guaranteed jobs between all the gov't and contracting jobs. Plus, all that gov't and contracting stuff is what the software jobs are. So sure, you can be gainfully employed writing AbstractFactoryFactories in some gigantic consulting firm.
But overall, you're really paying for the job security of people in very different fields than you, and you will spend your off-hours surrounded by lawyers and gov't employees. I don't recommend it, but YMMV of course.
Agreed on the COL in NOVA - I moved there recently from FL and regret it every time I pay rent, and can't even wrap my head around house prices. That's why I'm curious to see data from the Southeast and FL in particular.
Also in NOVA you're paying for some of the best public middle/high schools in the country, which I don't care about yet but if I had kids would be something to factor.
The cost of living here is basically impossible to beat.
I wouldn't necessarily recommend the city of Memphis, but I wouldn't dissuade anyone from living here either.
The 'burbs here are indistinguishable from the 'burbs anywhere else. Within the city there are certain neighborhoods that are very bike/walker friendly. We have Shelby Farms, which is an urban park 5 times larger than Central Park.
Memphis also has a lot of crime. In the poorest neighborhoods that manifests as gang-related violent crime. In the rest of the city we deal with a higher than average rate of property theft. Get a big dog (or a small dog with a big bark) and lock your doors and you'll be fine.
Overall I love the city and I want to be here as it begins to recover from decades of mismanagement and overt racism.
edit the software market is pretty hot up in DC/North Virginia too
Salary/COL is typically high in the bigger SE metros from what I've observed growing up in the region.