Rents in Portland have increased significantly in recent years. Way back in the late 80's, dh was able to buy a house in SE Portland for $55k. That same house sold for $480k a few years back. Given the general increase in house costs, the rental market has ticked up wards. Probably still cheaper than Seattle, though.
Gas prices run about $3.10 a gallon right now. However, we have TriMet, which is our regional transportation system. You can do without a car as long as you live near a bus line or near a Max (light rail) station. You can ride public transportation for free in the downtown core (with the exception of parts of NW Portland - I think north of Burnside is the cutoff). If you go to PSU, then public transportation will serve you well. Many lines run every 15 minutes.
Food prices are reasonable. There are tons of grocery stores here, plus lots of little seasonal farmers markets.
Portland is generally mild weather-wise. We may get a good dumping of snow every couple of years or so that paralyzes the city for a day or two. But the conditions have to be just right for it to snow. It has been about 10 years since we've had enough snow in town to really go cross-country skiing around the city. So mild is the best term for Portland.
This is about as cold as it gets for this time of year, though it'll be a bit colder in January. We'll have more rain than freezing temperatures. You'll see some damned nice days in February and it'll still rain through much of the spring. Summers are pretty mild- 70s to mid 80s with maybe a 3 day streak of 100+ days. Typically we have a long summer, except for this year. Usually it is nice through much of September.
I drive a station wagon and live in the West Hills. It sucks for me, because I have to travel down and then back up, so my mileage generally sucks. When I lived in SE Pdx, I didn't bother having a car. Traffic is only bad if you stick to the freeways. You can generally get around much of the traffic if you know the roads, but that'd take you a bit.
If I had to work downtown and live west or east of Pdx, I'd opt for Max. Some employers give a subsidized rate. There may be a student rate as well. Fares are the same - you can buy a ticket for Max and then hop on the bus until the fare has expired.
There is much to do in Portland. Check out Willamette Week.
http://wweek.com/ We have an Art Museum (Portland Art Museum) downtown as well as most of the standards. There are tons of coffee shops - big chains but lots and lots of local ones. Beer is big here too.
Powells City of Books cannot be overlooked. :)
Job market is fairly good for my particular degree but I have no idea what it is like for your degrees. Mine is technical and the starting salaries are quite good.
Our housing market hasn't taken a serious dive yet, so the general job market is still fine.