The question behind most relocations is not whether a place is cheaper but whether you would be better off there. That depends on three things: what your costs would be, what you would earn, and what the move itself costs.
Cost of living figures are averages, and averages are built for a household shape you may not match. Your housing choice, how you commute and whether you cook move the number more than the index does. Replace the two largest lines with real quotes from the area you are considering before trusting the total, and use the Cost of Living Calculator to see what the difference means for a year rather than a month.
The second half is income. Local salaries usually follow local costs, so a cheaper city is often cheaper because it pays less. The useful figure is the salary that leaves you level after local costs, which is the number any offer there has to beat. The Where Can I Live With My Salary calculator estimates the monthly cost of a destination for a given household, lifestyle and housing type, and shows what would be left of a salary.
Then count the move. Deposits, agency fees, transport, temporary accommodation and setting up again are paid from savings in a single four-week window, and the first month of new fixed costs starts immediately afterwards. Check that the first year of savings covers that, which is what the Moving Cost Calculator is for.
One last check that people skip: the emergency fund. Arriving in a new place with no buffer means the first surprise becomes debt at the moment you are least able to absorb it. If the move consumes most of your savings, that is the finding, not a detail.