Hey guys! I've decided not to attend UNC for grad school, but I went here for undergrad and stuck around to work for a year, so I'm pretty familiar with the area, and I thought I would give my two cents on housing!
Don't be afraid to look at options on north campus. It's farther in mileage, but there are many more buses coming down MLK, and since so many students live up that way, they come every ten or fifteen minutes in the morning.
Carrboro, our sister city to the west, is a great option for less expensive housing. There are a lot of small homes available here, and more of these will be available this late in the game. Unfortunately, a lot of students plan out their housing for the coming year 6 to 12 months in advance, so the options are slightly limited. Carrboro is also access by many buses and is flat and very bikable to campus.
Glenn Lenox is cheap and there are buses running from there. You will go up a HUGE hill on the way to campus, so biking isn't really an option unless you're a champ.
There are a few good websites to check out too. I can't post them yet, but they are chapel hill rent dot com, cool blue rentals dot com, among a few others.
If you have any questions about the area, UNC, specific housing options, or Tarheel basketball, just let me know!