As far as I know, Austin isn't exactly cheap. It's a fun city though.
Or, look into the Chicago area, which will give the both of you plenty of job opportunities, life in a big city, but at a more reasonable cost than NY, SF or LA. But still not "cheap".
The tough thing is you're going to have to find some compromises - you're not going to find a place where there's job opportunities, strong university, and low cost of living. You're going to have to compromise on at least one of the three.
For example, places with good job opportunities are located in higher cost areas. There are good universities located in lower cost of living areas, there are good universities located in cities with good job opportunities -- but you'll be hard pressed to find a good university that has both.
Yes, you won't be earning any money, but neither are any other MBA student out there (married or otherwise). If you really want to maximize your opportunities, you're going to have to suck it up and move to a place that will be more expensive. Take out the loans to make it happen.
Opportunities don't come on the cheap.
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