Peeling back athletics for a moment, Wake Forest and BC are comparable in many ways. Both are religious based (Jesuit, Baptist), national liberal arts universities (US News ranking BC #31, WF #27), with similar endowments (BC $1.6B, WF $1.5B), BC is bigger (BC 9,000 undergrads, WF 4,800 undergrads); but, WF has a medical school while BC does not (both have law schools).
With respect to athletics, both are negatively impacted by their location. BC is challenged by being in a very pro-centric sports city while Wake Forest is the poor little sister to Duke and also has to deal with UNC and NC State.
Of course, I would live in Boston, even during a blizzard, any day of the week over Winston-Salem.