To me, what's important is wanting to do great work and being part of a culture that encourages collaboration. I didn't know that a ZIP code was a prerequisite. Sure, being closer to family is important, but being closer to a city just because it carries a certain image should not be. Ideally, the willingness to do good work must matter and not the location.
Of course, you can have both, but if an advertising professional is not open to exploring a new city, it sends a message that that candidate will carry the same attitude when he or she has to work on a brand that falls outside his or her comfort zone. We work in an industry that requires being ready for change and the flexibility and appetite to discover new cultures -- especially in the current economy.
Make your choice after exploring the city and its potential, the work and the culture. It's hypocritical if we salute the digital era, persistently claiming that boundaries don't matter, and then go about picking the city over the work when it should be the other way around.