I've tried for New York, San Francisco (both terrible), Austin, Dallas (pretty close), Boston, St. Louis, Denver (also pretty close) and Seattle among others and Houston beats them all.
As a native Texan, I will tell you that most Texans would like to live in Austin. Houston is and always will be an oil town. It is full of oil men, deal makers and their lenders. If you are a young person that is starting out in life and you have the skills to get a job and build a career in the place of you choosing, do not choose Houston. Spend a little more and get the most out of life, You only get one!
Houston is a nice place in the loop, especially midtown, which is very similar to Austin. It's not cheap in the loop, though. As you say, there's too much oil money for that to be the case. When people point out that Houston is cheap (and I'm guilty of this sometimes too), they are referring to the suburbs, like Sugar Land. Inner loop neighborhoods definitely aren't cheap.
Yeah, I am an Austinite. I wouldn't move for the world.
But I have a friend that has been in Houston since he went to Rice and he swears by it. His girlfriend even lives here in Austin and we can't seem to convince him to move back.
I love Austin, but I think Houston is big enough that you can find your people.
I've tried for New York, San Francisco (both terrible), Austin, Dallas (pretty close), Boston, St. Louis, Denver (also pretty close) and Seattle among others and Houston beats them all.