Hey Joshua,
I'm in Addis right now, can't tell you what the dollar conversion is, but it is around 20birr to a UK pound. Just for an imagination, a cup of coffee costs about 6 birr, meal in a good restaurant around 40-60 birr. Expensive are home appliances, more than in Europe and certainly more than in the US. But overall living is cheaper here; we are renting a nice 3 bedroom house in the so-regarded "posh" area of Bole, with garden and service house, and pay $1.500 per month (which is quite a lot in comparison to flats) but that's what you pay if you want a garden. Flats are around $400-600 from what i gathered. Car rental is around 400 birr a month.
Other than that, it's a safe place and people are super nice. Definitely a livable place!
Z