Food and transportation can be cheap in HK if you want it to be (eat more local, take the MTR, bus, etc.).
Housing is going to be the biggest expense, which is mostly unavoidable.
1. Are you moving there with your SF income?
2. Where will you work?
3. Where do you plan on living?
Are there recommendations of neighborhoods we should look at that are not crazy expensive but still convenient? Locals only neighborhoods?
Thanks!
Since you are asking this question, I assume your employer will not cover your rent. If on top of that, you are expecting a salary drop, you should definitely negotiate some sort of housing allowance to offset the high cost of housing in HK.
In your case, where to rent is a very difficult question to answer without knowing your budget. Generally, the further you move away from Hong Kong, the "cheaper" rents will be, but you also have to factor in your commute. Hong Kong Island, Kowloon and the New Territories are the three main parts that make up Hong Kong. If I were to pay for my own apartment, I'd definitely stay away from most places on Hong Kong Island, obviously the Peak, Wanchai, Repulse Bay, Happy Valley, Stanley, Jardine's Lookout, but you could perhaps check Mid-Levels and North Point where you can still find some relatively well-priced apartments. Kownloon would be my first choice for convenience, eating out, nightlife and street life, especially around TST and Kowloon Tong. Also, some areas in Sai Kung, a small fishing village not very far, are really popular and affordable, but the commute to TST might be problematic. TST and the areas around Nathan Road can be affordable, but what you will find might not meet your expectations in term of square footage, cleanliness, and amenities, but in my opinion, the overall ambiance of the neighbourhoods will more than make up for the cons. In Hong Kong, more so than in other international cities, you get what you pay for. For best recommendations, I would recommend to join an expat forum and read up on life in Hong Kong.