Portland is definitely not as racially diverse as other places I have lived. Also the economy is quite bad here right now. I know of a number of people who have been laid off for over a year and can't find work and others who are still being laid off. Also prospective employers seem to work at a snail's pace compared to other places I have lived. So you do need to prepare for a long wait. If you get a job right away that's a bonus.
I find the cost of living to not be too bad, but I lived in Santa Cruz, CA (not as bad as Bay Area proper but still quite high) and Southern California. If you do have a half way decent income I think your dollars will go far here. I am just a simple butch and don't care about a lot of material things, but I definitely think you can enjoy Portland without having much money at all- as long as you can pay your living expenses.
I love Portland!
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Love consists in this, that two solitudes protect and touch and greet each other.
- Rainer Maria Rilke
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