This is my general thinking as well, and it happens to fit with my current life experience.
I'm unconvinced that there has been, generally speaking, a fundamental change in the preferred environment people wish to live in; instead it seems more likely that traditionally popular American urban areas are just too expensive and offer relatively little (compared to other parts of the world) in terms of services to justify living there... Even for those that might otherwise choose to.
1: https://en.wikipedia.org/wiki/List_of_U.S._states_and_territ...
Also, as others have pointed out, most of the TX influx has been in/around Austin, so it's not like people are moving from SF to the middle of nowhere in TX, and having no impact on the local communities. Real estate prices in Austin are skyrocketing, as would be expected, in the few areas where people are moving to.
I moved to a larger city in the midwest and it's great. Yes, winter is a drag but that's about the only negative that bothers me. Tech salaries go a long way, public schools are high quality and plentiful, politics are generally more balanced (than Florida or Texas), religion isn't a constant presence, crime is low and people are mostly friendly.
All of which are experiencing house prices in the last 5 years to shoot through the roof from what those people originally had. That said, Texas is huge so I'm really talking about Austin and 2 hour surrounding cities.
I prefer they keep “forgetting”.
> My working hypothesis is that people in general want to live in California like places, if they can afford it.
Of course prices (and price movements) will always be the objective measure of desirability across a large population.