Breakaway Park here in Austin (actually Cedar Park, just north of the city) seems like a nice location. They have a nice paved runway and the community is convenient to most modern amenities. Austin Bergstrom International Airport (KAUS) is within a 30 minute drive.
http://www.breakawayairport.net/contact.htmlIf you google Breakaway Park, there are some real estate listings available. On one side of the runway there are million dollar homes, on the other side they're closer to $400K.
Another nice place nearby is Lakeway Airpark, in Lakeway. They restrict night operations, but otherwise it is a nice community. I don't know what might be available right on the runway.