I was born and raised at Tahoe, lived in Carson City now for a very long time.  Tahoe is beautiful but expensive.  If you can afford to live there, its a special place.  Obviously, the Nevada side is better for now freedom wise, but overall that will cost more and have fewer places to buy.  The winters can range from mild to unreal, this was a tough one.  The summers are so busy with tourists it makes getting around difficult.  There are not a ton of options for shopping, and everything will cost more up there, many Tahoe folks shop in Reno or Carson.

I went to UNR, Reno is not a place I would live anymore, Carson is great, Douglas county is where its at if you're good with living in the valley.  Income Village is cool, if you can swing it.

Reno is only expensive if you live in Carson city, or you remember living in Reno in 1990.
Carson city is expensive unless you’re moving from Reno. It’s why Carson city BECOMES expensive.  
Minden/Gardnerville is expensive because everyone who can’t afford to live in Tahoe lives there.  

Incline is expensive because you get the prestige of saying you live in Tahoe and you rent your house every busy weekend for your mortgage.

The area sucks. It’s filled with transplants who want this place to become New York or Las Vegas without as much crime.  I’m sure the new soccer stadium in Reno will make the cost of living in the nearby apartments go up $100/month.

I live up here at the lake...at the south end near Stateline, NV.  
I love it and feel very lucky to be up here.  I ski all winter and am out on the lake all summer.  
We have some great restaurants to enjoy and big concerts come thru year round. There's always something to do.
Summer is busy but avoiding traffic is fairly easy by planning ahead and I do my shopping mid week when the crowds are down.
Spring and fall are the shoulder seasons when locals are out in force enjoying the beautiful weather and the peace and quiet.
Winter is awesome if you enjoy outdoor activities but might begin to wear on those who don't ski/snowboard/snowshoe/snowmobile/etc.  Even tough winters like this last one can be a blast if you have an adventurous spirit and a positive attitude.
Is it a bit more expensive than Reno or Las Vegas? Yes.  Do I think it is worth it? Absolutely!  There's no place in Nevada I would rather live.
@prebans  If you have any specific questions ask away...

Gardnerville has become choked with geriatric/Boomer California transplants who sold their houses in LA/Bay Area for a couple million dollars and decided to build a 5,000 square foot house on 5 acres.  They all drive at or under the speed limit and LOVE to hang out in the fast lane.  Going grocery shopping you're walking behind 100 Elsies and Walters who are just shuffling through the aisles at the speed of smell while their prescriptions get filled.  I think the latest census put well over 50% of the population at 65+ years of age.

Yeah it's pretty down here, but fuck these old fucks.