I believe most fluctuation in housing is localised and good state government and good municipal government will do what they can to encourage jobs, safety and prosperity for the locals who will then want to stay and buy homes and raise their families.I had some properties in Seattle and found the climate, shall we say "challenging" so I've sold them all.

And in this tumultuous climate it is only going to get worse.

The current racial climate makes it too dangerous to try and provide decent housing.

Significant cost factors include: property taxes, insurance costs, state income taxes, property age and construction and climate.

I would imagine in this climate of anti-1031's, that this might be the first to go- but something that should be looked into.I used to be in the @Brian Bennett and others school of thought.

Cash flow is everything, especially in this climate where the market is unpredictable.

The political climate of that area and the laws that favor tenants rights over land lord rights or the general lawlessness going on right now would be enough for me to want to move my business elsewhere. 

Las Vegas is located in the Mojave Desert, which means builders had to use durable materials that could withstand the harsh climate.

In the case of San Diego RE, we have historically outstanding market and rent appreciation, basically fixed property tax, great climate, limited land, very low vacancy rates all to be factored into the cost. 

@Marc Warren The climate has certainly changed. 2022 has been a challenging year, with interest rates squeezing cash flow down from where we were a few years back.