While not a cool and trendy as neighboring Nakameguro, Meguro is a fairly lively central neighborhood. Conveniently located on the JR Yamanote line, Mita subway line, the Tokyo Metro Namboku Line, and the Tokyu Meguro line, it’s just 3-4 minutes away from all the action in Shibuya or slightly more sophisticated Ebisu.
A good place to live if you want a convenient location near to the uber cool spots, with a slightly more cheapo friendly price tag.
Of note for the Cheapo, is the Meguro city community gym, a 5 min walk down the hill from the station. With entry at 200yen, you’ll be hard pressed to find a gym anywhere else in the country (or developed world) as cheap.