I live in the Town of Getzville, about 5 minutes from the University. Beautiful area, but a bit expensve. Lots of homes for sale in the $225 range. I would recommend that you look at homes in the Village of Williamsville. Its only about 10 Minutes from the universiity, but very quaint with beautiful older homes in spots.
Good Luck, its great to hear there will be some people MOVING IN!!!