I wouldn't be so quick to dismiss the unemployment issue. Its not just that unemployment is now 12%. Its that unemployment has gone up by about 5% in the past year and the trend has basically been to keep going higher.
I know you said you were self employed, but if you need to rely on local clients for your work, you likely will have a lot more problems finding them here than in Austin right now. So there is a real good chance that your income will drop if you move here.
Austin-Round Rock, TX Economy at a Glance
Sacramento--Arden-Arcade--Roseville, CA Economy at a Glance
Its not just that housing is more expensive in Sacramento vs Austin right now, but people here spend a greater percentage of their incomes on housing than on Austin. In short, your money goes less far here than in Austin. Historically this hasn't always been the case, but if you come here you should expect to pay more for less than what you are probably used to paying for a comparable place in Austin. Basically your timing on this move isn't real great.
John Burns Real Estate Consulting - Local Analysis
The Sacramento region does have a college town. UC Davis is a branch of the world famous University of California system. It has more than 31 thousand students. If you are looking to live in a college town, with all of the amenities you expect from a college town, you should look at Davis. Its safe, there is a bunch of young people in town, there is a bunch of stuff to do locally in Davis and if you feel you feel that you must to do something outside of Davis, you still have access to the distractions of the rest of the region.
Davis is the densest community in the region. It is the least car dependent. More people ride bikes in Davis than anywhere else in the county. It has the best bike infrastructure in the country. You have the bars, restaurants and night life of a college town in Davis. Its also completely safe like a college town. There are no sketchy parts of Davis. There is no part of Davis you will not feel completely safe wandering around at night. If I was self employed and could live anywhere in this region, I would live in Davis. Its one of the nicest communities in the region.
Bike Tunnels - Davis Wiki
If you want to know more about Davis, the Davis wiki is a good place to start.
Davis Wiki - The definitive resource for Davis, California