Earlier quoted context omitted.
They aren’t really though. Labor is limited, material production is limited, there is a lot of supply and demand going on that can drive up prices. You can’t magic away those costs. Houston is cheap to live in because it simply isn’t a place that a lot of people want to live. Young people who dream of Texas dream of living in Austin, not Houston or Dallas. That puts growth on Austin, stoking supply and demand, wherea…
As far as I can tell based on the statistics I can find, both DFW and Houston have built around 50% more housing in a given year than Austin over a 20 year period.
Austin is at 11 with 150k housing starts, Dallas is first at 320k starts for SFHs, 133k vs 233k for MFH. Austin is growing at 25%, Dallas at 15%. But Dallas area is 7.6 million vs Austin Area at 2.35 million. So while Dallas is building more in absolute terms, it isn’t in relative terms.