Student Moving To Budabist for a 4 months job

I am a University of Waterloo student and I recently got a job offer in Hungry. I have a couple of question I would like to ask anyone who already lives there and is familiar with the area. I will be working at this address:

H-1107 Budapest
Mazsa ter 2-6, , HUNGARY,

How much would it cost for me to live within close proximity to the above location?
What kind of bus system do they have in Budapest?
Is it a safe city?
How much money would I need for space and food costs?

Your help would be greatly appreciated.

My husband and I are going to Budapest at the end of March 2010 for three months. I too would like to hear what anyone recommends about which districts to live in, safety, hungarian language expectations, etc. We have researched this information on-line but would appreciate the experience of fellow travelers. Thanks so much!!

That;s very good info thanks for sharing here.

I'm 5 years living in 1136 Budapest, Hungary. This is a beautiful country and cheap to livin here for foreigners.

To the first post: I am sport manager in a sport club, my salary is net 250,000 HUF/mo.
The cost for me to live in Hungary:

power circa 20,000 HUF/4person
water circa 12,000 HUF/4person
district heating in summer circa 8,000 HUF/mo
district heating in heating season circa 28,000 HUF/mo
food costs i don't calculate it but a kg bread is 200 HUF, 1 kg meat (chicken, beef, swine...) 900-2000 HUF
cable or digital TV+Internet+Phone price is 8,000 HUF/mo

The public transport is perfect (anywhere you can get anywhere) with bus or streetcar or underground or trolleybus. The single ticket price is 320 HUF what you can use it only once.

Yes, Budapest is a safe city.

I don't know if this is still relevant. First, the name of the city is BUDAPEST. Second, I am both Canadian and Hungarian, and I am an alum of U of W. I visit Hungary once or twice a year and stay for a couple of months each time.
Budapest is safe, has very good public transportation, which is how I get around there most of the time. I find that a monthly or bi-monthly pass works out best. I think living there is pretty expensive even for me. A pair of nice shoes cost over 100 US$. If you have a well paying job and a free apartment, you might do well. The postal code for your address is a good area. In fact, I would say that most any area is safe. I walk around alone at night in Bp. which is something I wouldn't do in LA. Some areas are more expensive and desirable, but not more safe. I think language will not be a big problem, especially with younger people. The language schools do a brisk business in teaching English. Of course, there are a few older people (such as myself) who speak English very well.
I will be going to Hungary at the end of May this year. If I can help you any way and if your time and mine coincide, you can respond to this comment and I will give you my Hungarian cell number and try to help you with any questions you have. Good luck!