I grew up in Hong Kong. It is a nice city with many pros and cons as mentioned by others in their email. There is never a dull moment and always bustling with activities such as shopping, eating, hiking, sports etc. It offers easy access to China for visits and sightseeing trips.

One can live rather cheaply or have an expensive lifestyle. Rental property is expensive on the HK island near central and mid-level. Rental prices are lower for properties on the Kowloon side.

For example,
a one or two bedroom apt (450sq ft) rental price ranges from HK$8000.00 to HK$15,000.00 per month.
a three bedroom apt (800sq ft) rental price ranges from HK$12,000.00 to HK$25,000.00 per month.
Price varies by locations and whcih Hong Kong districts you choose.

You can check for HK Real Estate prices at (yahoo.property.hk/eng )

cheers,
Batman