Admittedly biased Bay area resident myself, but the fundamentals of the housing markets remain from my perspective: this part of the country has the best climate and natural beauty. Over the longer term, I'm not too worried about housing prices but these next couple of years could be brutal. I'd be curious to hear alternate contenders for the climate, landscape claims of mine if anyone's game.
There are a lot of reasons the Bay Area is desirable--especially if you're someone who appreciates outdoor activities and natural beauty. But most people also need jobs and at least somewhat affordable housing. If snowbelt or desert cities do a better job of providing those, climate and natural beauty only go so far for a lot of people--especially if they don't otherwise have strong connections to the area.
