Romania considered a part of the Balkans ?

No, Voivodina, Slavonia and neither central Croatia. With Transylvania Bukovina and something else they belong to Central Europe.

Valahia can be part of Balkans, if you like.

Cheapest places to live in Europe?

Numbeo is helpful for the comparison of living cost. Chisinau, Nis, Donetsk (You don't want to live in Donetsk) are as cheap as Bangladesh.Examples of prices in Chisinau:

• restaurant meal for one - 3 €,
• monthly pass for public transport - 4.5 €,
• basic utilities - 92 €,
• internet 6 Mbps - 8.5 €,
• single bedroom apartment in city center - 188 €,

Obviously you would be living in impoverished version of Romania, but it is cheap.