Not at all. I believe that the lower cost of living is accurately accounted for by the lower salaries.
I am saying that in my personal experience, living in central/South NJ, the actual job market is dismal to non existent.
I'm not sure how good the job market is in Cleveland though. It is probably much better than Lakewood.. I do have a buddy working in my firm's Cleveland office. - His office is around 200 ppl, while our NYC office employs a few thousand.
As far as corporate jobs in Cleveland, I hear it is more manufacturing/industrial. IE Less white collar jobs than in major financial cities like NY.
Eta.
Upon further review it appears that there are indeed plenty of solid jobs available in CLE, with a painless commute to frum areas..
I absolutely abhor the direction Lakewood is going in, - for the chinuch of my kids, insane cost of living, out of control materialisem, back breaking commute to the city for decent jobs etc etc etc.
I would seriously consider moving... but it's a non starter. - Wife will not even consider move away from family.
Oh well.