There is a huge cost of living difference between my current city (LA) and my hometown. I just did a little back-of-the-napkin calculations and I think that I could earn about 25% of what I make now if I lived there and housing is also 25% of what it is here (my 500K house here would sell there for about 120K). However, most of the other things I want to buy stay the same. Sales taxes might be slightly lower, but a new car will cost roughly the same. Amazon Prime and Netflix are consistent and food is often more expensive because it has to be hauled farther. Travel is travel, flying out of LA might even be less expensive on average than other cities.
On the other hand, my parent’s networks would totally help me get a job if I lived there. Jobs would probably find me, I wouldn’t even have to apply.