Lebo,
A lot of SWA pilots live in Austin so you should get a few different suggestions or opinions on commuting. By far the hardest commute early on will be to OAK. If hiring continues after your class you should get into BWI, PHX or MDW after a short time on reserve out of OAK. This assumes you complete IOE and the hard line in HOU before you go to OAK, which many guys are doing right now. HOU might take a while to bid into. Still, a fellow reservist I know had an October 2004 class and made it into HOU this month.
With the reduction in frequency on the schedule last Fall, same day commutes became tougher, and I personally had a hard time making it back the same day after the completion of my trip on PM's. If you like AM's you will have to commute the day prior to your trip and stay in a hotel or crashpad. Parking in Austin is excellent. $17 a month and high bus frequency to the terminal. The layout of the airport is nice as well, and I often got the the gate for jumpseat check in well before the time I targeted.
In my personnal case I commuted to OAK for 3 months, PHX for a year (which was like a vacation since I stayed with my parents and had the whole upstairs, golf course and pool to myself) and have been in HOU for a year. While we love Austin, and plan to move back sometime in the future, my wife and I decided to move to HOU since she got a promotion and paid transfer, and to limit my commute just to my reserve unit.
As for housing, Austin isn't bad if you decide to move to the burbs and don't mind the traffic, which is abismal. Varying websites are helpful such as
www.realtor.com,
www.austinrealestate.com or any of the major Realty brokers sites. The night life, outdoor activities, lakes and countryside are fantastic -you will really enjoy the central Texas location. Good luck and see you in HOU,
CHRIS69