Better hurry up. Condo construction is taking over the city. Rental market is skyrocketing. There are 82 people relocating to Austin everyday, according to my realtor friend.
I've heard it as high as 100 people a day, but it's also a part of the whole 'the sky is falling'/'welcome to Austin, please don't move here' attitude that pervades the entire city's culture. Also, 'Austin was great before you got here.' So I take those statistics with a grain of salt.
"according to my realtor friend" - a reliable source of "supplies are limited" messages.
Austin experiences relatively mild boom/bust cycles. The metro area is not that big and there is still a great deal of undeveloped land so developers are always ready to build more, thus holding prices stable. The biggest problem the area faces is water supply. High property taxes of 2-3% annually offset most any gain from not having a state tax. Racial diversity is about 50 years behind most major cities.