The links below talk about “18 hour Cities” and migration.

Georgia is benefiting from consistent net migration increases into the state from pro-business incentives, favorable taxes, and a lower cost of living compared to other major MSA's.

The migration patterns into SC seem very favorable, and given how many growing towns there are that still have SFRs below the national median I think SC will continue to track well, even through a recession. 

There is a huge migration from Mcdonough/Stockbridge down to the cities of Forsyth/Milner!

There is a lot of migration from Illinois to Indiana, because the cost of living is lower overall.

The facts are that the prices are not inline with the salaries of all in that marketplace, which is why so many people work there, but migrate out to Tracy, Stockton, Patterson, Modesto, Sacramento, etc., for living, where the prices are a bit easier on the wallet. 

For instance: check out this video.I do think that in the next 3-5 years we will see a great migration of Brooklyn-esque types who can no longer afford Brooklyn, and are closing in on their 3rd child. 

That's where a lot of boomers retiring are going and population levels are increasing.The colder areas tend to have population declines and jobs and people migrating away.In commercial it's more about the tenants and strength of the leases.

All I know is that the southern areas of SF (but in SF proper- bayview, excelsior, Crocker amazon, etc.) are definitely seeing a migration of renters, as the central parts of SF are generally north of $4000 for a 2br.  

Grant it- these are not newly listed properties, we migrate towards the longer days-on-market where competition is not steep.