Hey Blashimov,
I don't even know if you are still paying attention to LW, but I just found this response. Yes, there is some semblance of a LW group in Houston, mostly focused around the Rice/Med center area, unsurprisingly. Right now, we're on temporary hiatus. There are three regular members, including myself. We have been going over ET Jayne's "The Logic of Science", but our collective workloads have gone up recently, and we were no longer able to put in the effort required to get something out of it. Hopefully we will get started back again in the summer when we all have more time.
It also looks like there will be a club focused on the singularity and surrounding issues at Rice soon. There are a dozen or so people interested in learning neural networks, computational biology/neuroscience, bayesian stat, etc. I plan to help with that a lot, and it's a good possibility that a Houston LW group might be tightly integrated with that group. One of our problems was lack of people, and this would be a good pool to draw from. I'll send you more information about it if you want.
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On top of Cambridge/Boston, Research Triangle Park, DC, Bethesda, I'd also suggest Houston (I live here, so I suppose I could have some level of desire to justify that decision. I don't think it amounts to much, but fair warning). I think the city is largely underrated, because it has been a late bloomer and has had some issues in the past. However, it has the largest medical center in the world, renowned scientists and clinicians, and a quickly growing biotech sector. It also rates as one of the best cities in the country for young professionals, and the economic hardships of the recent past have largely skipped over Houston The economy is energy and health, which are basically the last things people stop spending money on.
It is cheap to live here. Incredibly so for a city this size. Sharing a full house with two roommates, I live 2 miles from where I work in the medical center, and 2 miles from downtown, for about $500 a month. This is also near the rail, which can get you either place pretty fast, but I prefer to bike. I know people living with roommates for $300/month, a little farther away from downtown, but still only a few miles away from the medical center. 9 months of the year, the weather is very pleasant. If you absolutely hate the heat, summer will suck, but it's not too hard to deal with.
I would second the notion of using grad school interviews as a way to travel around. Good grad schools will also pay for you to go, and even forward you some money if you need it to set up. They also often have people that will help you set up in the new city. In Houston, you can live very well on a graduate stipend. This is not true everywhere you go - NYU pays the same as my school, but life would be a lot harder there.