Regardless, Midland is a very easy place to live. Traffic is non-existent despite having over 100K people here. Even entry-level jobs allow you to live pleasantly WHEN the house price is appropriate. I feel the prices are high now and have been so for several years. It would be hard to live here with a high rent or house payment when the bust comes, if you don't have an okay job.
We bought at the "bottom of the bust" - meaning we got a 3 bedroom, 2 bath house with double garage and large lot in a very good neighborhood for $70,000. We can sell it for over double that now. But bear in mind that our Midland prices, though "high" historically for Midland, are lower than most areas. I don't think you'd be caught underwater by much even if the oil boom goes bust soon.
Property taxes are high compared to some states, but lower than many. Texas has no income tax, to help make up for that.
We are on severe water restrictions here. Midland takes great pride in gorgeous yards, and we are all sad to see our lawns and flowers die. We are trying to save the trees that are throughout the city. No one can know if the drought will "break" or not this year.
Midland is very church-oriented, but it has other niches too, such as the community theaters. The little community college is nice and offers more than you might think at first. The old-timers of Midland are very nice and polite and despite being a bit dull, it's the safest and friendliest place I've ever lived and I've lived all over.