Consistently ranked as a top city in the US, and world, to live in, in no small part due to the comparatively cheap cost of home prices, rent, and living in general. For example, there are nice neighborhoods in the city where one can buy a three bedroom, 2000sq foot house for < $150,000. I think that would buy a closet in the Bay area.
With Carnegie Mellon University here, the 'intellectual' and more specifically the tech scene is thriving. I work for (and take classes at) CMU and see this first hand. Numerous big tech companies have set up shop near campus (Google, Apple, Facebook, Amazon, Uber, etc). There are many, well funded, startups operating out of the city as well (e.g. Duolingo, Petuum), most of which have spun out of CMU.