Thank you all again! In the past couple of weeks, I have come to a conclusion that Cancun is definitely a more affordable destination than Cabo. The rates in Cabo have been around $200/night at the hotels vs. $150/night in Cancun.
Also I've run into an issue with Airlines. Since most of my family is from NY and my FI's is from Houston, Cancun ends up being less travel time. So! It looks like Cancun, now its time to choose the actual hotel..