Austin has gotten pretty expensive, yes. We bought into a central Austin neighborhood at the bottom of the recession (thanks luck we both had jobs) and rode it up. We couldn't afford to buy in our own neighborhood now. Sister-in-law wanted to buy a year and a half later and the only houses in the price range in the city were on the periphery of the core city area. Now you mostly have to go to the suburbs or the funny offshoot bits of the city, and getting from those into downtown (or even in the core periphery area where most of the tech companies are) takes a long time.
On the other hand, if you live central and work at a tech company on the periphery, you commute against traffic. My ~10 mile commute takes 11-15 minutes.