Translation:Choose the right place to live, choose the right friends to play with.
This is a proverb.
Literal meaning (loosely): "Choose the right place to live, choose the right friends to play with"
Message: you have to choose your friends and living place carefully. No English equivalent afaik.
Usage: When someone have bad friends and you want to persuade him not to frequent them anymore, you can say this. Similarly, if someone choose a bad place to live, you can say this too. Though, the latter meaning is rarely used.
I'd like to emphasize that this is a very bad sentence, not just because the creator failed to translate it properly to English, but also because this should belong in the "Proverb" section (as I realize this section doesn't exist, there should be).
this idiom is easy for Chinese speakers to understand, as it can be loosely translated as: 住选屋，玩挑友。（live, choose house; play, choose friends）however, the Chinese sentence, similar as the Vietnamese one, can be seen as the paratactical version of a more "complete" sentence: 如果你要住得好，要选对的屋子；如果你要玩得好，要挑对的朋友（if you want to live well, you should choose the right house; if you want to have fun, you should choose the right friends）。 in the case of Chinese, idioms always go for the paratactical structure, rarely for the hypotactical ones.