I just saw today that Oakland is in the top 5 of the most dangerous cities in the US. I know those Top Anything lists have to be taken with a grain of salt, but Oakland seems to be in the (local) news constantly, and it's mostly not good news. After having lived in the Bay Area for 4+ years, I've been to Oakland only once, and that was to help someone move out of Oakland. I think I'd rather move to San Jose if I wanted some city life, real estate prices there have come down a bit. Avoid the east side though.
Ugh, live in San Jose? Never. Statistically, Oakland may be dangerous, but it's also physically a large city. If you are in the right parts, you'll certainly be as safe as if you lived in Berkeley, and safer then a lot of parts of SF. Just stay in the nice parts of the City.
I haven't actually ever lived in Oakland though, but I've lived in Berkeley for 5 years, live in SF now, and have many close friends who live in Oakland. Parts of it are very nice!