Can I survive (financially) teaching in a community college in Silicon Valley?

I’m a finalist for a full-time, tenure-track teaching position at a community college in California’s Silicon Valley. I was psyched until I got on Craigslist and saw the price range for apartment rentals.

Are there any secret parts of the valley that are cheaper than others? I’d be teaching in Los Altos, but I don’t mind a bit of a commute. Is there something I don’t know about finding affordable rentals? Where do the students live?

Also, if you live in Northern California, or if you have lived there before, would you say it’s worth it? It’s beautiful and fun, that’s for sure. I’m just squeamish about the cost of living (and about not fitting in to a ritzy community).

What do you think?