norcal vs socal pay & living expenses

I live in California and unfortunately it's expensive here. Suggesting to leave the state is just not an option a this point. That said, here's my question at hand. I know that the new grad pay in the bay area is significantly higher than in some of the equally nice areas if socal (ie: orange county & san diego areas). Does the cost of living difference make up for the pay disparity? I have seen starting (new grad) pay in the bay area over $40/hr, but the new grad pay I have found in socal isn't even $30/hr. So, does it cost over $20k more to live in the bay area? Has anyone here lived in both areas? I have a lot of school loans and used the bay area pay as a gauge for if I'd be able to pay them back. I am very familiar with the cost of living in the most expensive parts of the bay area. I live in a nice area on the peninsula. I know its cheaper in southbay (ie: San Jose), but I don't really care for that area. What I have no idea about is how much it costs to live in socal in areas like Orange County to San Diego. I really want to move there. Anyone know if as a new grad: is it more, less, or equally affordable to live in Orange/San Diego County or in San Mateo County?? If you've lived in both areas recently, please tell me your experiences. Thanks