cincinnati childrens is magnet; i have former classmates who were able to get jobs there (although very competitive) and love it. i think the new grad wage for most cincinnati hospitals is around $21-23, depending on the company. if you start looking further outside of cincinnati, like northern ky and dayton, the hourly wage seems to be maybe a dollar higher. it sounds like you are an experienced RN, so those numbers might not help u much, sorry!! university's RNs are all part of a union, so if you were to get an interview they can show you the union contract/pay raises.
cost of living, in my opinion, is very affordable. i live in a 2-bdrm condo with an attached garage in one of the northern cinci suburbs, rent is $775/mo. there are many places just like mine that are up to $950/mo in the next city over too. if you are considering moving/working here, and have your heart set on working in the city, then i would suggest living in one of the suburbs and just dealing with a 20min commute until you know the city a little better. otherwise you risk living in the "ghetto" since you aren't familiar with the area yet. other posters feel free to correct me, but this is what i found worked best when i moved here 6 yrs ago with no knowledge of which areas to live. good luck!