Markets that people are migrating to and where jobs are going. 

Net migration is due to increase in the next couple of years and tougher mortgage rules have forced potential first-time buyers to stay in the rental market.

When the next recession comes (they historically happen every 5-10 years and the last one was '08),  I'm not confident that the population growth will outweigh other negative macroeconomic factors...I strongly doubt we will see anything like the '07 crash, particularly because of the affordable housing shortage, labor shortage, lending reforms, and all the positive migration, but that doesn't mean we won't see a pullback. 

@Bob Floss II I agree, one of the intermediate-term tailwinds of SE WI is the migration of some IL residents to lower tax areas, NW Indiana has also added residents from this trend.  

Will urban migration reverse course?

I have done some research into top expanding and emerging markets from PW/ULL and over the past few years Columbus has been continually growing and a hub for new migration among recent graduates and young professionals, which has contributed to my goal of working in the multifamily sector of the commercial real estate market. 

Midwest prices can be as low as they can get but till high growth industries don't move there we will continue to see a migration away. 

I avoid places where the migration is heading out of town like Illinois.

@Jacob Holth - Before looking at a deal, for how long do you follow jobs, migration and development of your city or state?

Tech companies like Switch expanding expanding operation and the population is still growing at almost 2% a year....mainly driven by natural growth as migration has been slowing down.