Hey Jerry,
I’ve been recording my living expenses for a few weeks now, to eventually publish a post on this topic. It really depends on your lifestyle, but I’m averaging about 4,000 yuan a month in living expenses, plus rent. I eat a lot of imported food and cook at home a few times a week, and then eat at chinese restaurants the rest of the time. For me, my greatest expense is food. I’d say if you’re making 8,000+ a month you’re living very comfortably in Chengdu, and personally I save a lot of money each month.
As for place to live, my vote is definitely for the South of Chengdu. Either on the East (Kehua Beilu) or West (Yulin) side, they both have their advantages.
The daoist mountains are all a few hours outside of Chengdu (Qing Cheng Shan, Emei Shan, Si Guniang Shan, etc).