pornwolf said it perfectly. I'm in Westchester(by LAX) which isn't too expensive but it's almost as far to Hollywood as the Valley is... There are some good parts of N.Hollywood and Van Nuys, and there are some terrible spots... go with your gut when you check a place out... if it looks shady during the day it will be worse at night.
The downtown lofts are sweet, but they are pretty expensive... with Silverlake being just about the same cost as the Valley, but it's not the best area... very cool people hang in Silverlake, though... lots of Musicians.... lots.
Basically, the Valley is prolly the best bet until you get a feel for the areas. East Valley is actually a music Mecca of sorts.. The NoHo Arts district is cleaning up and becoming fun again.
Have fun getting used to the dreaded 405 Fwy. ;)
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