They would have to pay the cost of the move, as well as the security and downpayment on my new place at MINIMUM. That's really the make-or-break for me.

They want me to move to them, that's the minimum bid.

Would you be willing to accept lower salary if the life in that city had lower cost of living?

That's going to depend entirely on the person.

Regardless of lower cost of living, some people have fixed costs they cannot reduce. Things like student loans, medical expenses, dependents, etc.

Just because AVERAGE cost of living is lower doesn't mean YOUR cost of living will be lower. Theoretically it could increase. Maybe rent is cheaper but mortgages are more expensive.

Once you move to a cheaper place which pays less you are unlikely to have adequate resources to return to a more expensive place to live later on.

I think you can move, but if the offer is profitable. I had no experience with this, although I had to arrange the moving of my company. This was a necessary measure, as my company grew and could no longer stay at the old place. Office Movers helped me with this. Thanks to them, the transportation of all equipment was successful and everything remained intact.

What does the relocation package have to include?

It depends. Some companies can only cover basic expenses (e.g. visa assistance and/or coverage of flight), while others can also provide temporary lodgings, cover real-estate agent fees, etc. This is generally dependent on the size and age of the company in question.

Here's an informative blog post on this topic: relocate.me/blog/job-relocation/learning-the-diff…