I've posted about Wayne quite a bit. It is really struggling. Check out this discussion for the major issues:http://www.lawschooldiscussion.org/prelaw/index.php/topic,104032.30.html
You could also hit my link for recent posts. They'll tell you a lot about where Wayne was, and is now. It's not a happy picture
In general: Wayne used to be a borderline T2 school. It is now deep into T3 (tied for 125th in last USN rankings). When Wayne was the unquestioned #2 in MI, it attracted good students from the region, and had good employment prospects. Now things have 'tipped,' and MSU will likely be in T2 in a couple of years, and I fear for where the school is going. They just hired a 2d choice Dean after choice one turned them down. He's from Willamette (tied for last in T3). I don't expect any miracles.
On your other issues: housing, etc will be cheaper in Detroit, but we've been in a recession for at least 3 years, and local employment prospects are very grim. Unless you finish quite high in your class, you'll really have to hustle. As for student life and fun, Wayne is a commuter school, and you will not find the walking distance social life that you'd find in schools w/ large #s of students on campus (not that you'd want to walk much after dark anyway). But if you have some street smarts and a car, you can live in some moderately priced suburbs about 15-20 mins away. There are good bars and great music in Detroit, and once you get a feel for the place, it is much better than advertised. If you are a sports fan, we've got the '4 majors' and I'll bet the tickets are way cheaper than Boston.
Frankly--I'd be more worried about where the school is headed than I would about living here.
You can write me off-post. I'd be happy to tell you more.