Wait a minute, where are all these $400k homes you're finding in Austin? I thought those disappeared about 5 years ago...
Joking aside, it wouldn't surprise me if $400k was close to the median price for homes within the city limits.
Within the city currently I believe 400k is actually on the low end.
Originally I wrote 500k, but changed it to avoid "no one should be complaining if they life in a half a million dollar home, that can buy so much in Ohio!!" type comments.
Funny enough $400k is pretty spot on: https://www.zillow.com/austin-tx/home-values/
Someone making 100k/year, and making 1M/year, both living in 400k houses (not uncommon in the Austin area), will be paying the dollar-amount in tax.
Ie, a high property tax and low income tax is very regressive.