As someone who lives this reality (arrest but no conviction), it's in practice not really so bad. It's never come up with a landlord. The last time it came up was after being accepted to grad school and I had to fill out a form about it. You do just carry with you the knowledge that if you ever get pulled over the cop can pull it up about you and have reason to hassle you more.

"I'm going to hassle you because my brethren have hassled you before."

Yup, sounds about right.