To reiterate what another poster said, congratulations on the MBA and job offer.
I'm going to disagree with much of the groupthink on this thread and tell you that Cleveland is more than simply "liveable". For full disclosure, I do not (nor have I ever) lived in Cleveland but have family there and have visited yearly for probably over 20 years. Granted, I may not have the credentialing of a true local, but here's my take, for what it's worth...
First, professionally. You just earned your MBA (I assume full-time) and want to recognize the investment of your time and effort in earning it. The best way to do this is to get a job that offers you a combination of 1) good pay and 2) a challanging and rewarding role. I assume #2 takes care of itself. After all, you wouldn't be considering this relocation if you weren't intrigued by the job. As for #1, it's probably safe to assume your true salary wouldn't be as high as someone considering a job in New York, Toronto, etc., but living in Cleveland will afford you a less expensive cost of living which will help you recoup many of your expenses over the past few years. I'd say an offer of $80,000 in Cleveland is more than equivalent to $100,000 in New York. My advice on this front is to go wherever offers you the best opportunity for your career. Given your recent time and financial sacrifice, the best way to actualize that investment is to make a "big splash" for your career. If you hate it, take the (assumed) great experience 2-3 years later and be that much more marketable in the job market.
Second, personally. True, Cleveland isn't a "sexy" city(San Francisco, Vancouver, etc). But, it's also not a small town where you're legitimately working for the only show in town. Cleveland offers you 3 of the "big 4" professional sports (spare the jokes on the competitiveness of the Browns, Cavaliers, and Indians), as well as a likely stop for any touring music act. It's got the Rock & Roll Hall of Fame, an above-average MetroParks system, and a pretty good nightlife area (The Warehouse District). The weather is rocky but being from Canada I assume it's nothing you haven't seen before.
Don't go to Cleveland expecting to live in Miami or Montreal. It's a midwestern city with good people who have been hit by the recent economic downturn. If you're confident in the job offer and the opportunity itself I say go for it. You can make a place a great home if you're willing to work at it.