I'm certainly not sure what "all the costs of living" add up to, but a quick eyeball of CL Real Estate in North Jersey shows me a different picture of the most expensive of living costs. I’d say they are at about half price across the board on RE.
Not to mention the reasons given to their VP by many of them on their exit interviews backs up my assertion.
Also not too sure what DOESN’T look cheap to a C-level exec of a $150+ MC company! 🙂