i know some stuff of Europe since I've been living here for 20 years... Everything is expensive! If you really want to meet cheap stuff, then choose a country from west Europe, like Czech Republic...
As for the sight seeing, it is true that it's wonderful! But 'living' here would be so annoying for an Asian person... well it must be a benefit if you're seeking for a peaceful life!
My country, Switzerland, is one of the most beautiful place, but it also one of the most expensive!!