The Baltimore-Washington Metropolitan Area is radically cheaper, but only have about a half dozen restaurants with waiters and tablecloths, and also lacks a lot of the gashmius that gives New York its character. It also lacks enough Yiddish speakers for kids to grow up speaking Yiddish, and Hasidim are a largely ignored minority group. But if you are primiarily interested in Yiddishkeit (meaning Torah and Mitsvos – not trying to be keep up with the heart of Boro Park or the Five Towns), the Baltimore-Washington Area is excellent.
In Baltimore, a detached house with a dozen shuls in walking distance is around $100K, and even the fanciest houses rarely go to more than $250K – and the fancy ones are farther from shuls. Its easy find a Beis Medrash, but you’ll have to go to New York for a $100/person restaurant, or to buy a beckeshe.