The town of Luton has a population a little over 200,000 people, with a very mixed ethnic makeup, and a large working population. The majority of people here are of working age, and unemployment is low.
The town is within 30 miles of London, making it popular with commuters. However its location in the Chiltern Hills makes for a much greener environment than the City, particularly given the two large parks in the town.
Bushmead, Warden Hills and Barton Hills all offer nice properties in good areas, without being particularly expensive. The Dallow Road area is cheaper, but has higher crime statistics to be taken into consideration. Throughout Luton it's easy to find decent priced rentals, as well as properties to purchase.
Of course Luton airport means that some properties here are on the flight path, but this does tend to be reflected in the price it comes down to how you feel about the noise.
Nearby Harpenden is a little more expensive, but a nicer area, particularly for families, and still with great transport links.