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I totally get it and am in the exact same boat. I'd definitely take a pay cut to move to EU. But I have a list of few counties in Europe that I wouldn't want to move to (based on what I read and see).
I'd love to see what professionals in E.U and expats says.
Italy, Spain and Poland are top in my opinion when it comes to salary and living costs. Are you looking at consulting roles
From what I read, work-life balance is indeed better in Europe (never worked in the US to compare from personal experience), BUT certain jobs have an awful WLB anyway here, consulting being one of the main ones, so I wouldn't put my hopes up if you continue in the same line.