Now in Edinburgh it is far from unheard of for a one-bed flat to sell for £118,000. And for a 10-15 minute commute by bus you'd be talking about an area like our neighbourhood - Leith Links, where you could expect to pay handsomely for a flat, especially as one-beds can be quite scarce. The two bed/boxroom flat directly across the road from us just sold - for £183,000. On the second floor. No double glazing, lift or off-street parking. The building is Georgian period with high ceilings, so I'll bet it's cold in there in winter, especially as it's living room faces north. But this area, 'The Shore', around the corner from Bernard Street, is getting trendy.
We rent an unfurnished two-bed on the second floor for £500/month, excluding council tax. Water, sewage and rubbish removal is included in the council tax bill, which is £131/month for this place in Band 'B', the second to the lowest band.
We also pay a higher council tax than Glasgow.
As for employment I'd suggest really casting your net wide - all over the UK. IT places can be easier to find in some places more than others.