I think Budapest is really a good city to live in, especially if you are young. There are many cultural activities, like museums, theaters, exhibitions, beautiful buildings around you in the city center if you go for a walk. The night life is really active. There are many ruined pubs, which have a special atmospehere. During the summer many people go outside and enjoy the sun at Deák Ferenc tér or Margaret Island.
In the country side you can enjoy the nature, or just go to lake Balaton. There are many pleasant small villages where you can relax.
The standard of living is ok, in my opinion. However the country is quite centralized, so it easier to make ends meet and find a good job if you live in the capital.
Have a nice day!