The US has an enormous land area and the cost of living varies dramatically across it. Intense pockets develop where the high paying jobs are, and everyone wants to cram in there to compete for those jobs, and then they're competing for the housing there, so the prices skyrocket, so the jobs have to pay higher still. Wealthy as the average person may be, the poverty slope is very steep in such places. The SF / Bay Area is the paradigmatic example of this. But when COVID hit, the main attractor of the Bay Area vanished overnight: you didn't have to live there to work those jobs. There was a mass exodus to cheaper places. Texas was at the top of the list of destinations. Austin, though decidedly not the rest of Texas, has a similar culture to SF and so was a natural and comfortable landing spot. So the pressure relief valve on SF is a source of pressure on Austin. But Austin was already suffering growing pains before COVID.

But, all that said, its probably not wise to generalize an experience about Austin to an idea about the US as a whole. At best, you might generalize it to ideas about large US cities.