It's cheaper to live in Cottonwood, 20 miles south though... but I wouldn't want to live there. It goes from super rich sedona to low income cottonwood. I live 175 mi se of sedona, so I would rather drive up and spend the night at a days inn, in the village of oak creek... about 10 min south of sedona
Oak Creek does have a splendid camp ground right next to the river. I spent a wonderful night there once , listening to the water running over the rocks, while enroute to the GC. For Sedona proper I found it too glitszy for my likes. Kinda a tourist trap, with very few really useful shops, unless your in the market for crystal pyramids or clay pots and such.
My sister has a friend(either Tina or Jackie, I forget) that lives there. To me it's just red sandstone, but to them it's the center of the universe and Oak Creek Canyon is their church...