I know, I'm one of them :-)

The only reasons to stay in the greater NYC/JC area if you work from home are family or because you enjoy the community, culture, etc. So, unless your family is there, what would be the point in living somewhere like that which is relatively expensive and inconvenient?

If you are going to move over there and work from home, you might as well move to suburbia, if not even further away from this metropolis with its very high cost of living.

TL;DR the area might be a worthwhile investment because it has future potential, but living there at the moment has very little going for it.