I live in Silver Spring, Maryland. Facebook has the idea that I am living in California. Events keep coming up on my timeline happening in California. How can I change Facebook to indicate that I live in Silver Spring and see events happening in Silver Spring?
Besides entering your postal address on your profile, I recommend you use the mobile app with the "Friends Nearby " feature turned on.
This will get a record of your whereabouts into Facebook's algorithms and since that data is correlated to your phone number, it can be considered a strong signal for Facebook's algorithms to determine that you actually live there.
A few check-ins to local places, where friends "established" on the area tag you on their stories and photos, could also be a strong signal, since it's not easy to fake, and somehow "endorses" your whereabouts with the social link of previously established and "trustworthy" accounts.