Hi kpovee,
Taungyi is quite small actually and do not have many expats...
Not many places to hang out, not many restaurant or cafes,
However it is close to Inle lake which is a nice tourist destination,
And climate in Taungyi is much better than other cities, as it is less hot compared to other regions,
and no air pollution..
As the only cafes and restaurants you will find will be local ones, it is not that expensive and i think you will be off by 700 $/ month for a basic living if accommodation provided..,Yangon will cost you twice.
Cheers,