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Look into Newark. I'm not kidding. The city is starting to appeal to the younger business crowd now. I've seen apartments going for pretty cheap downtown near city hall that would put you in a great location. My friend owns a condo in the north of the city just above Brach Brook Park. You can get a decent condo there or a nice house (if you're willing to spend). He's also a block from the BBP light rail stop.
Newark's Ironbound is worth a look too. It's crowded and there's lots of traffic but if you can deal with that it's a neighborhood that's safe and has lot's of great food. Plus some of the Ironbound area is walking distance to Newark Penn Station.
Hoboken is a very nice place but you'll need some cash. If you can afford it then I'd suggest you look into it. I hear nothing but good things about Hoboken.
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