Dude from Waterbury here. It's an OK place to live but not an exciting place to live. Suffered greatly from the loss of manufacturing jobs and never properly recovered. There's a pervasive rundown feel to the city. It's the kind of place you want to move out of, not into.

But housing is considerably cheaper for it, even in areas that are not so rundown. There has been considerable improvement over the years, but all too recent and modest to break the bad rap the city's gotten over the years. Also, there are tons of genuinely good people here, which might not be obvious to someone just reading the news or driving through. It's a poor city, it's not a bad city (though it does have sketchy neighborhoods).

If you don't have a good reason to be in Waterbury, then look elsewhere would be my advice. Where to go depends on your personal tastes and budget. I happen to think New Haven is the most interesting and exciting place in all of CT by miles. It's like Connecticut's own version of Cambridge (just without the benefit and/or hassle of an enormous gigantic economic engine like Boston right next door).

You just want to avoid the sketchier neighborhoods if you go there, and be prepared to pay a premium for the safer, nicer areas, like East Rock and Wooster Square, or share an apartment with roommates, which seems to be a popular thing to do there. Hamden just North of East Rock is also a pretty nice area, just a bit quieter and also a bit cheaper than East Rock, but with a super easy commute if you have to drive into the city.