UWF is a great school - you shouldn't have any problem finding something close to the school. UWF is mainly surrounded by residential housing (there are some student apartments). Also, Milton is a town that isn't too terribly far away from UWF and is a nice place, with some newer homes. It is a more rural town than P'cola proper.
Also, most areas of P'cola aren't too far away from UWF - you could really live anywhere in P'cola city limits and be close enough (15-25 miles) to the school. There are some beautiful historic sections of P'cola as well. There's North Hill and East Hill, along with the waterfront.
Find a realtor in the area to help you find a good place. I would also get on craigslist.org to see what's out there. I think you could rent a house / townhouse for a pretty good deal. Also check out
www.realtor.com - they have rental properties besides just homes for sale.
Job market isn't the best, right now tho. It's a military town, so if you're in the defense industry, IT, etc. you'll be in good shape. Service industries are taking a bit hit, and schools aren't really hiring. What types of jobs are you looking for?
Also, Gulf Breeze is across the water from P'cola (farther from the school), but is a great place to live and close to the beach. The good thing is that you've got plenty of time on your hands to determine where you'd like to live. Have you visited P'cola yet?
Feel free to DM me if you have any additional questions -
Take care!