I'd like to propose that "cost of living" calculators are extremely skewed when trying to compare extremely urban (nyc etc) vs less (or non) urban areas. For example manhattan might have incredible price/sq ft for rent; but you can get much smaller accommodations than you might Birmingham. Car + car maintenance + car insurance is a cost that's only required when you live somewhere without public transportation/walkable grocery stores. In addition non local goods are typically not factored in when talking about cost of living. Consumer goods, health care, travel, and retirement savings all are generally local independent. In this regard being able to save 10% of 200k is a large improvement over being able to save 10% of 60k.

On your last point I can't speak for Toledo, but I wouldn't discount the number of high skill workers in Birmingham. At least 4 years ago there was small but growing tech scene.