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Well, in case you don't happen to be a gazillionaire (and therefore can't afford to live in some of the above mentioned places), a nice compromise is the Bryan/College Station area, where property is among the most undervalued in the country. The presence of a large university (Texas A&M) means there are almost always some concerts, festivals, sporting events, etc. going on. And we're within a two hour drive of Houston and Austin, 3 hours from the coast and the Hill Country. If you're from someplace like New England, that might sound like far away, but it's all highway and you get used to it.
Depending on where you're from (I'm originally from California), you might not want to get too excited about the beach in Galveston. I like it for what it is, but don't go expecting to see waves crashing on the beach and a rugged, interesting coastline. And then there's the hurricane risk. I've hosted many folks during hurricane evacuations from Galveston and even Houston.
Personally, I find the Hill Country from Somervell County (up around Dinosaur Valley State Park) down to Fredricksburg and Kerrville to be the most beautiful part of Texas. But it all depends on what you do for a living, and how many amenities you need close by.
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