I moved from Orange County, CA almost a year ago to Dallas/Ft. Worth. I don't know about everyone else, but the weather here is humid to me and I had a hard time finding a job as a new grad. Even though California's real estate is high, it sure is worth it to live there. I don't like Texas and regret ever moving here. If I were you, I would stay in SF where you will probably get paid at least $40/hr as a new grad, and who knows the houses may go down in a year or so. You will probably regret living here, especially in Houston, so I would stay put in CA.