It's cheap because it's an awful place to live. You can work in insurance, or hospitality, or for terrible wages in "tech", aka making CRUD apps or doing IT for the aforementioned industries. State taxes are super high and a huge burden. The weather is awful for all but 1-2 weeks in the spring and 1-2 weeks in the fall (hot and humid in the summer, extremely cold and windy in the winter). Schools are generally terrible.
There's a reason housing is cheap and there is a net population outflow out of NYS.