Home values in the most expensive U.S. metro areas have diverged sharply from those in the rest of the country over the past 30 years. Not only have incomes grown the fastest in West Coast cities such as San Francisco, San Jose, and Seattle, but natural and political constraints have made it difficult to increase housing supply, leading to even faster home price growth. At the other end of the spectrum, in the South and the Midwest, lower income growth combined with fewer constraints on increasing the housing supply has led to more muted home price gains.
https://www.bloomberg.com/view/articles/2016-09-02/conditions-are-ripe-for-a-big-city-exodus
