Same as AustinDawg, we moved here in the late 90s8)8)8)8), and I can't get over the 20 years of sustained, explosive growth. The city doesn't have enough roads to move the traffic smoothly, so traffic generally is terrible.
I bought my first small starter house in north Austin for $93k in '99. Sold it in 18 months for $140k without putting a penny into it. I just now looked up the neighborhood, and current prices in there are in the $325-350k range. These are all shabby 3/2s in the 1500 sf range. Nothing special.
I blame invading Californians for most everything going wrong here, but they truly are driving up housing prices, contractor prices (driveway work, fencing, plumbing, pools, etc.), and changing the culture.
I bought our current place in 2010 well out of the city, on some land just west of Dripping Springs, and the value rose from $310k to $550k as of last year's in-person appraisal for a refinance.
You might say--"hey, nothing wrong with rising home values!" Except in Texas, the schools are funded primarily through property taxes, so rising values eventually price old folks on fixed incomes out of their homes.
That's part of the calculation, though: when looking for houses on zillow or realtor.com or wherever, you look at price, and then you immediately scroll down to look at the taxes. Some comparable properties right next to each other can have wildly different tax bills because one has been bought and sold more times.
There's a big builder spec development/neighborhood called Belterra between Dripping Springs and Austin where it's not uncommon for property taxes to run $15k-$20k/year! Imagine paying that every month in your mortgage payment.
No state income tax, which is nice, but they definitely get you.
Great weather for part of the year and a shorter winter. I'm getting old, so we don't take advantage of much of the downtown "fun" stuff, so it's more or less just become a really expensive place to live. We're actually considering cashing out and moving to north GA. I telecommute, so we're not locked in here, and at this point we can't really afford to upgrade and stay in the area.
I'm sure the first bid on our house will be from a Californian with cash who will immediately start voting YES for every bond issue that raises everybody's taxes. They seem dumb that way.