Moving to San Diego

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I'm a life-long east-coaster but am seriously considering moving out to San Diego with a couple good friends of mine from DC. Looking for general advice on where to live (I heard Ocean Beach is the spot), and how much I can expect to pay for a *decent*, not necessarily nice, 1-BR apartment within spitting distance of the beach. Also, is there any reason I shouldn't move out there? I have heard nothing but glowing remarks about SD and it all seems to good to be true. Hook up the info.