It is overall a poor area, with limited work opportunities outside the agricultural and hospitality arenas, though tradespeople are in demand and if you can work remotely not a problem. However I disagree with pp - the Internet can be dire and while Wight Fibre is doing its best to dig up all the roads causing huge delays and diversions, I'm not sure if everyone will benefit. Mobile Phone reception is almost nonexistent in some parts- Seaview, Bembridge and Ventnor in particular (you will find it hard to pick up some radio stations in Ventnor, but if you want a French station you're in luck).
Schools aren't that good - Christ the Kjng was considered one of the best secondaries, but in 2018 was rated 'inadequate' by Ofsted. Ventnor Free was promising, but is still very young and there has been some bullying, plus it doesn't have a sixth form. Cowes Enterprise is good, and there are some good vocational alternatives to sixth form. If you can afford a fee paying school, then I highly recommend Ryde School, which goes from nursery through sixth form, and for a non selective school, has excellent exam results. It's main weakness is sports, though quite a number of talented sportspeople have attended and they do offer opportunities in sailing.
As to where to live, Gurnard us very nice and neat but there is nothing there - a pub, a small coffee shop and a Nisa, Gurnard Pines is a good fitness centre. Yarmouth is lovely but very expensive. I'm more familiar with Ventnor - arty, funky, and a bit 'live and let live'. Bembridge is also expensive, a bit out of the way and snobbish. Seaview has a bit more going on, an active volunteer run shop, but 80% of housing is second homes and again pricey.
Ryde is the most populated, busy and buzzy, best links to the mainland. Can get a bit rowdy on a Saturday night.
Shanklin is pretty, I'd avoid Sandown. Cowes great in summer, dead in winter. If I was to buy, I'd buy in Ventnor, but that's not considering schools.
Newport is the shopping mecca, if a place without a department store can be called that, but there's an M&S, big B&Q etc.
The island is getting a reputation for food, but that doesn't extend to the tourist attractions where I have had the worst food ever.
I lived there for ten years, and must admit most of my friends are not from the island. Great for kids up until 16-18, when they become desperate to experience more life. It is predominantly white.
You can't beat the landscape.