I'm not super wealthy but live in a really nice area in South OC.
Contrary to popular opinion, one doesn't have to be super wealthy to live in a very nice area of SoCal. Not Beverly Hills or Santa Monica perhaps, but there are many terrific options. Let me add that the property taxes here are much lower than in Texas, something like 1% or 1.1 versus say 2.4%. That disparity makes living in a $1,200,000 home in SoCal about equal -- from a PT standpoint -- to a $500,000 home in Texas. Additionally, my utilities here are very low. Gas is perhaps $50-60/month on average. And because I only use the AC two weeks out of the year, my electric bill (with a pool) runs about $175/month.
I hate the politics here (I know, West Mall), but the living costs may not be that much different than Austin. Now Normal is a different story.