Top tier MBA or MBA in city you want to work?

So I'm still a few years out from applying to an MBA program but have been thinking a lot about it lately.

As I start to target in on schools that I want to attend I have to start being real with myself about the schools that I can feasibly get into. Based on how I've done with standardized testing in the past, I'm guessing my GMAT will be in the high 600's/ low 700's. Obviously this isn't great, but not horrible.

So my question to everyone: would you be just as well off as going to a bus school in the city/state you want to work/live in long term vs getting into a top tier program?