@AnnzPB:
Depends on if you have children or not. School districts seem to be everything to most prospective parents.
I'll just list out a couple of areas for you.
Las Colinas - Relatively inexpensive, 15-20 min drive, mostly a business district with occasional massive condo complexes
East of 75: Hip, moderately priced, 15-25 min drive, not always the safest
South of UTSW: Ghetto, dirt-cheap (think $400+), <5 min drive, not very safe
Highland Park: Nice, safe, great school district, cost is out of reach for most students, immediate vicinity of UTSW
Irving: Cheap, wide variety of costs, 20 min drive, quality of schools vary
Richardson/Plano: Far from UTSW 40 min+ drive, great school districts, affordable and safe family housing
Carrollton: Moderately-priced, little further NW than Las Colinas, good schools, lots of new housing
Coppell: Aging neighborhood, great school district, safe, ~20 min drive, difficult to find new openings