Life is very, very good for young single guys. Layovers include mostly nice hotels - 4/5 star and location varies drastically. Flight deck usually get upgraded to an executive room or better.
You could share a luxury duplex penthouse in the Marina if there's two of you collecting the allowance. Or a Villa at the Emirates Hills golf club. Or an Armani residence in the Burj Khalifa. Or you could have a beach house on the Palm.... really two allowances is a lot of money.
You are getting almost 3900 USD each a month for housing. 1500-2000USD each will still get you a nice 2-3 bedroom apartment in a great location.
If you meant 1500-2000USD total between you, then no its not realistic unless you only want a crash pad for commuting.
The real questions are whether you want to rent/share going into the future.
You'll start flying around 2.5 months after joining date. Line training takes about a month.
How difficult it is depends on your previous experience, who is training you, and how hard you work - 'Training' is mostly scripted, and you are expected to know this script. You won't be taught anything without being marked down.