Migration and affordability—not so cool

3. The median priced home costs $635K, while the median Austin resident can only afford a $438K home.

This affordability gap of $187K is 3x higher than at the national level! pic.twitter.com/CH036nj8Nn

— Nik Shah 🏡 (@NikhaarShah) June 16, 2022

There can always be too much of a good thing–including dating profiles bragging about packing up and moving to Austin.

Austin saw a higher growth rate than any other U.S. city from 2010-2020 as the metro attracted 171,465 newcomers in a decade.

With highly publicized move-ins including billionaire Elon Musk, podcaster Joe Rogan and tech HQs, came a gaggle of Californians eager to eke out a living in the burgeoning "boomtown" paradise.

An affordability crisis ensued.

Young people, who often serve as the drumbeat of a city's "coolness," are quickly being priced out amid skyrocketing rent. While a Rent.com study ranked Austin as one of the best cities for young professionals in 2022, the city's share of 20-24-year-old residents was 7.5% of the population in 2019—down from 8.6% in 2010.

And the so-called "slackers" that helped make Austin famous are now struggling to survive in a city where the median price for a home is now $550,000, especially as many in the city's creative class make well below a living wage.

Live music and things to do—still cool

The outside, Zilker, Towne Lake, Barton Springs, dozens of decent hiking within the area. This is the advantage, do the free outside stuff (Austin has wonderful patio restaurants, etc but then the 💵 goes) More time inside less advantage to living here.

— Trust_w/o_Journey_Is_Compliance (@runningman902) June 7, 2022

Austin was famously dubbed the "Live Music Capital of the World" in 1991 when officials discovered that the city had more live music venues per capita than anywhere else in the U.S. And with 46.4 venues per 100,000 residents in 2018, that mantra remained largely true for years.

After the worst of the COVID pandemic, which was estimated to shutter up to 70% of music venues in the Red River Cultural District alone, the city's live music scene has worked hard to bounce back. The city now has the fifth-highest number of small music venues per capita in the nation and comes in at No. 4 among the best live music cities in the U.S., per a 2022 Clever.com study.

And many of Austin's unique attractions remain timeless. While paddle boarding on Town Lake has become overcrowded and even caused swimmer's itch for some, outdoor attractions like Barton Springs Pool, the Barton Creek Greenbelt and other Hill Country swimming holes remain a popular pastime.

And while the coolness of Sixth Street has become riddled with violence and safety concerns, the city still boasts plenty of nightlife districts.

Instead of the Armadillo Den of Austin yore, the new Austin boasts bachelorette party entertainment on West Sixth Street, intimate concerts in East Austin and a refuge for tech professionals on booming Rainey Street.

Keeping Austin Weird—barely hanging on

If you know...you know pic.twitter.com/auDQyVurUy

— Evil MoPac (@EvilMopacATX) September 3, 2021

Leslie Cochran, the high-heel-wearing homeless man who personified the "Keep Austin Weird" movement, is long gone. In his place are controversial attempts at keeping that mindset alive, including an Instagrammable sculpture of the mantra approved by the city's Historic Landmark Commission in February.

But pockets of that signature Austin feel still exist. It's not uncommon to see Sam Greyhorse riding on his horse on South Congress.

And while South Congress is losing longtime businesses and gaining luxury retailers in its new Music Lane development, other areas—like Barton Springs—still retain their carefree, old Austin feel.

New "weird" strongholds have cropped up as well, like Austin FC's Q2 Stadium, where 20,500 soccer fans gather to chant Austin's mantras, lift up inflatable chickens and celebrate their community.

"Cooler" alternatives emerge

Moving out of Austin is so good for your mental health.

— 𝒟𝑜𝓁𝓁𝓎 𝒷𝒶𝒷𝓎 🥂 (@adeeoxox) July 30, 2021

Still, Austin's residents are facing the second-most overvalued housing market in the nation, and many are looking for greener—and cooler—pastures.

Instead of cross-continent moves, some new move-ins are now relocating to nearby cities, according to a Placer.ai study. The study found that Austin's "boomtown" status could already be overshadowed by new tech markets like Philadelphia, Phoenix and Raleigh, North Carolina.

And even within the state, Austin fell behind Dallas, Houston and San Antonio as Texas' most sought-after city.