I'll just put this out there for you...the economy here SUCKS. One of the worst if not the worst unemployment rates in the country (double digits). Just be prepared for that and the possible long wait to find a job. If possible start the job search first if you are serious. Use a friends local address, etc.
As for affordable, stay away from the west side. East side has more character anyway, or NoPo (North Portland). I'd suggest trying to stay west of 205 if possible. My wife and I are in SE. You can get pretty much every where needed by foot, bike, public transport.