Does anyone believe that it is possible that housing prices may take a hit if household income can't keep pace with rising housing costs in those areas?

i see many financially independent and wealthy households in atlanta move to florida particularly in the tampa bay area in west coast florida.

Median household income is $172K.

or is Cleveland average household using a lot of water for a specific purpose that I am not aware of? 

A range of housing types are envisioned including low and mid-rise stacked flats, townhouses, lofts and microunits offering a variety of choices to cater to different lifestyles and household sizesThe MDP proposes to take advantage of the proximity to transit to reduce the need for car ownership and to create opportunities for a walkable neighborhood.

Wifey and I have a plan for once we switch from a one income to a two income household, with a big part of that plan being to purchase more rentals. 

In 2016, the Hispanic Wealth Project released a report stating that Hispanic households make up 7.3 million units in the nation.http://hispanicwealthproject.org/shhr/2016-state-o...Los Angeles alone has approximately 4.9 million Hispanic people.We've started to do our marketing in Spanish and English because of these trends.

Brian Hoyt - There was a Housing Wire article this morning that said something like 2MM households that bought in the last year and half to two years were already underwater.

Economic Update(Monday, September 14, 2020)A majority of Los Angeles households face serious financial problems due to the COVID-19 pandemic, with Latinos and Black residents bearing the brunt of the economic pain, according to a new poll conducted by the Robert Wood Johnson Foundation for the Harvard School of Public Health.

Keep in mind most home purchasers are dual income households in their prime earning years, it may seem impossible now but patience may well pay off.