Yep it's true, one great thing about living in this small southern town is the super-cheap cost of living. My mortgage payments here are less than my monthly rent back in Raleigh, NC!
Once you've officially signed on to be a student here, you'll start receiving emails (likely from Missy) with a Word document attached that contains any and all housing options by people associated with the CVM. Usually there are houses and trailers for sale and rent, people looking for roomies, apartments, leases to take over, etc. They usually update this list every week or so and send it to you guys.
Also, once you get here and have our First Class email server set up on your laptop, you'll have access to different message boards shared by the school, including a Classifieds board where people post amongst other things, housing options. Usually you'll already be living here by the time you have access to that stuff, but they're really good about putting all the Classifieds posts onto that housing list that they email to you.
There's always students looking for roommates here =)