If you arent concerned with neighborhoods or crime you can live where I grew and get a 2BR for about $400/month - right in the city and about 10-15 minutes from both campuses.
What kind of crime? I really haven't lived in the city since I moved to this country (suburbs all the time) and I think my wife will divorce me if I lived in a moderately unsafe area. I'm thinking of NoVA as opposed to MD, but I'm worried about traffic and high rent (the latter will probably work itself out since my college roomate won't mind rooming with me again). Are there trains from Arlington, Alexandria etc into the city? Can one get a decent 2 bdr in NoVA for under a $1k/month? How is parking in the city? Are there toll roads there?