Does the increase in salary in high cost areas like California make up for the increased cost of living?

I'm currently working as an entry level engineer in Memphis, TN making $55k a year. I know this is on the low end nationally, and I could make a lot more money in other areas of the country like New York or California. However, the cost of living here in Memphis is so low that the increased salary I might be able to gain seeking employment elsewhere doesn't seem to fully offset the increased cost of living. I know certain goods will remain roughly the same (e.g. a $500 TV in Memphis will still cost $500 in Los Angeles), but is there any point in seeking a higher salary elsewhere, or will everything more or less come out in the wash?