No place in MD that you'd want to live is cheap. Between taxes and house prices, you're gonna pay for a nice place to live. That said, it's a beautiful state overall. Wife and I have strongly considered moving out there for a while now.
Cockeysville is fairly far north...if you can live anywhere on the north side of B'more, it will probably save your sanity because traffic is fairly awful there depending on your commute time. Arundel Mills area is close to the airport, kinda suburban but nice, but the commute up to Cockeysville would kill ya.
Timonium, Hunt Valley and that whole area are all quite nice, but kinda spendy. I have a co-worker who lives in Phoenix, MD - very nice, very pretty, and kind of expensive - you're sort of at the border of horse farm country and high-end burbs there.
Sparks and Glencoe are nice, and not too far up from Cockeysville. Again, much of this is about traffic.
Now - if you don't mind urban living, there are some really cool places being built in and around Fells Point and the Inner Harbor in downtown Baltimore. The advantage of that setup is your commute is reversed, so you should be able to pop up to Cockeysville fairly easily on I-83 in the mornings. You'll pay for the convenience of downtown living, but B'more is a pretty cool town. Like any major city, be smart about where you go and what you do.
I'll post more for you as I think of it....