It's for sure getting more expensive but if you're diligent about looking and are a couple or have roommates it's really doable. I share a room with my partner and pay $350, otherwise it would be $700 for my bedroom but I have a W/D set up, my own driveway and it's a good spot. Look in the Alkali Flat or Southside park area. Oak park is pretty inexpensive too. South Sac is cheap but it's kinda ghetto. Not a bad thing but if you're not used to it, it's drab and some parts are more violent. I wouldn't live past 15th ave but i like the art scene in downtown.
There's a lot of music and art but you just have to find the right person. Amis Collective, Peach House Presents, Occupy Space Movement are the best organizers in town, if you get in with them, you have something fun to do every week.
Red Museum is also a DIY secret warehouse venue that has a lot going on.
Leave your Mark (graffiti shop), boulevard skate shop, The Colony (venue), Broad Room, Verge Center for the Arts, are all good spots to hit up to meet people in the arts scene.
Follow some good bands, artists, skaters and they will frequently post up cool shit. It's an easy city to transition into comfortably if you go to the right spots.