With the lowest salaries (minimum wage - except waste disposal industry) for a full time job in Austria starting at 1000 € monthly (14000€ a year) (Data of 2009) you have a monthly after tax value of 849,30 available and two times 859,30 summing to 11.910,20 € a year, so you could afford arround 30m² without serious issues - i pay for ~27 m² about 280 € a little too much, but come around with ~480 € a month with food and everything. So in my eyes living costs arent that high in Austria...
EDIT: if you wonder what you would have left of your salary (netto) in Austria type in here what your total salary is (brutto);
Also I want to say, since I am a student I only get something called Familienbeihilfe (211,1 € per Month) and 280 € from my Mom, so 480 is pretty much everything I have ;P
Vienna: It is nice that Austria is regarded as a good place to live in.
To be precise you pay no income tax at all if you earn only € 14.000 a year. You just have to pay € 2.089 for health insurance, unemployment insurance, accident insurance and retirement pension insurance. This amount is not a tax because you get access to medicare, unemployment benefits and a retirement pension.
I appreciate the social system here in Austria. If you suffer from cancer you don't have to worry about how to pay for the treatment (although there still are some situations where you don't have access to social insurances). The high social standard might also be the reason why there are only a few heavy crimes here. It is still something unusual if you read something about murder in the newspaper... just happens not every day here. And if you get killed you have a very high chance of knowing your killer personally since most cases happen within the family or in love relationships.
Frankfurt: don't forget about Frankfurt Airport... the criminal statistics is heavily inflated.