I came across a random podcast talking about FL's market crashing due to inflated cost with too low of a demand, along with refusal to cover storm/hurricane from insurance agency ( I admit I haven't researched the truth behind this one), assuming it pushes owners/investors to go to private thirds at a massive premium.

I can't speak for Cape Coral, Tampa, or Panama City but I assume those markets are inflated too.

Comparatively to the markets in California and NYC, it is much harder to cash flow with how inflated the purchase price is of most properties in these markets vs properties in Philly. 

I highly suspect something will standout as inflated in this accounting.  

But, with signfiicant inflation and ppl struggling the landlords will bear the brunt of it in NYS.

This is my basis strategy when accumulating primary from where it was 400k-500k back in 2010-2013 era; the appreciation is double inflation, 6% ; and interest rate is 3% ; making this strategy is equivalent to 16% CD rate.

Those waiting for a recession will be waiting for a LONG time...it isn't happening this economic cycle, the stubbornly high inflation rates indicate that.A few points above to reiterate: (1) real estate is LOCAL, while there may be some worrying trends nationally, the Harford County market is strong and will stay that way IMO, (2) timing the market is generally a fools errand if you have a long term outlook (if you're looking at short term investments then timing factors in more), (3) if you're looking for a place to live (not strictly an investment) then there are a lot of other important factors to consider.Bottom line is that if you have the means, and if you intend to own the place for 5 or more years, I personally wouldn't hesitate to jump in.

We know SF owners would have a better risk/reward profile because appreciations are typically 150-200% higher than inflation rate.

The housing market experienced an unprecedented boom during the low interest rate period, leading to inflated prices and unsustainable growth.

With a .6% ROE and a current inflation rate of 3.3% year over year, you are losing ground unless the projected appreciation rate of your property is high enough to overcome these negative numbers.