Depends on the job. The most important thing you can do for your first job is gain some real experience and learn and improve skills that will help you in the future. If this job will make you more marketable in the future, that is far more important than how much they pay and whether or not it is where you want to end up living. In this field, it is so tough without experience. Hell, it's tough even with experience.
I've spent the last 3 years since getting my CS degree doing mostly VB and SQL programming. I really wish now that I had held out for a Java or C++ programming job. Now that I'm looking for another job, there are tons of openings for developers, but the vast majority are looking for Java and C++. Not that I had much choice though. I graduated in 2001 from a no-name school and jobs were few and far between.
Enough rambling, the point is that especially for your first real job, you should make the decision based on how you think it will help your career prospects in the future, not on where it is located. Even if you hate the area, you can handle a year or two there to get some solid experience on your resume.