My first job after I finished my undergrad was in New Orleans. I had a love/hate relationship with the city for the duration of the 1 year that my fiancee and I lived there. I'll try to give you a run-down of what I liked and didn't like about it.
Pros:
- We lived right outside of the FQ in the Marigny Triangle (corner of Royal and Frenchmen St.) in an old shotgun house. Renting that house was one of the best decisions I ever made in my life. If I were to ever move back to NOLA, this is exactly where I would go.
- It's an adventure. We were 22-23 years old, and met a ton of other people through my work who were the same age as us, and who were non-locals, so we got to experience the newness of the city together. There is always a festival or a random parade going on which makes a lazy Saturday or Sunday much more interesting.
- We could walk or take a trolley or a very cheap cab just about anywhere we wanted to go eat or drink.
- Frenchmen Street is awesome. It's more crowded now because people have "discovered" it, but when we were there it was strictly locals who wanted to listen to good music and get away from the tourists. That's why I wouldn't live anywhere else besides the Marigny/Frenchmen area.
Cons:
- Mardi Gras. Seriously, do it the first year you are there, but every year after that, plan a visit back to Texas to see your folks or something. The city's population swells, you can't move your car for a week because you'll lose your parking spot, and there's just too much crap everywhere.
- It's dirty. Full disclosure, I'm not much of a city guy to begin with, so I would probably say the same thing about living in any big city, but certain parts of the city are filthy.
- It's depressing. Things have changed a lot since we last lived there in 2007, but when we were there my everyday commute took me past some terrible hurricane damage that was just depressing to look at every day. And I don't really know where to put this, so I'll include it here: I also felt more racial tension there than I had ever experienced elsewhere, and that was depressing to me. We would walk into Wal-Mart and be the only white people in there, and everyone would give us the stink-eye. Same thing when we would go to the DPS to get a new drivers license or something like that.
Summary:
Sorry I don't have any comments on cost of living, but I would say it's comparable to living in the loop in Houston. We paid $800 for a 1200 sqft. shotgun rental. If you can find a place with guaranteed parking, that is a huge plus. I would not want to raise a family there either.
Good luck. If you have any more specific questions, feel free to ask.