adgm-
I'm a student at SB now.
LI is expensive. If you're looking for apartment complexes, you'll pay dearly: absolute cheapest I found in 2005 was $999 bare; most are $1100-1400. Many rent apartments/rooms within homes, that's a bit cheaper - I live with two residents and I pay $600 plus share of utilities. I do not know a resident that has bought a home, but I suppose it's possible (just not on resident salary alone).
Towns nearby the hospital, if you're looking on the net for stuff, are: Lake Grove, Setauket, Port Jefferson, Mt. Sinai, Centereach, Stony Brook (of course).
I hope you warm to things here; the chairman is great and the residents in anethesia that I know are (or at least seem) pretty happy.
dc