I'm a Southern California native who moved to Buffalo last year. Even on the tiny stipend I receive, I've been able to live well here. I live in the Elmwood Village (in my opinion, the best place to live) and only pay $300 to share a two story house with one other person. Elmwood Village is full of cute restaurants, bars, and coffee shops. A night out is relatively inexpensive (especially compared to other larger cities). I'm considering a Masters program at UB and the main selling point is the low cost of living coupled with the liveliness/warmth of the city. I always say that Buffalo is a big city with a small town feel. I often run into people I know, but it's big enough that there are all sorts of great hidden and unexplored spots.
I don't have a car and rely on the bus, which is not something I would recommend long-term for anyone. The city is fairly spread apart (UB campus in relation to Elmwood, etc) and waiting for a bus in the snow is not a lot of fun. Living my entire life with CA weather and moving here has been quite a change. I found the cold/snow to be manageable, but lasts SO long. It's the end of March now and it's snowing outside.