Cost of living is something everyone should consider and even more so for those of us who can make our living anywhere in the world, but there is more to life than just cost of living, you also have to consider how happy you will be in a certain place. If we look at the countries with the highest happiness ratings we'll often find that they are also among the happiest countries.
The cost of living is actually affecting a happy state of certain persons in most cases. If people don't have enough of financial stability which will provide the security for a life they also cannot enjoy that same life.
Those countries with the high cost of living actually have the higher standards so someone from a different country cannot consider his/her move to that country if he doesn't have the steady work there.
Happiness is connected with the financial situation and no one cannot deny that. There are few cases where the rich people are not happy with all their wealth but that are only a few cases where the certain people have low morale and will.
Come on, you don't think you can be happy without money? Tell that to the people who live in slums. Being happy is not to do with what you have, it's how you perceive what you have. Just like bitcoin's worth is only defined by the value people assign to it.