I’m bullish long-term given the lack of skilled labor will only increase the cost of building new housing. That will limit supply. As long as an area has population growth, then RE will be a good investment. It’s pretty clear which metro regions are winning and attracting more people. If you want more help, then pick an area with geographic boundaries that limit building.
There’s not a great reason for Seattle to have a median home price of $700k vs $400k in Austin. Both have a major state university. Both have a lot of tech employees. Neither have state income tax. Seattle has geographic restrictions though with the sound on one side and Lake Washington on the other with only 2 bridges to cross it.
Seattle has one big advantage over Austin. Easily accessible to East Asians. Austin is kind of landlocked in the central. Regretted didn’t buy some there in 2013-4.
Bay Area and Seattle have much better network effect in software talents. Amazon and Microsoft are the top cloud companies and among the top in AI. Talents like to go to where talents are already and the flywheel will continue to spin faster and faster. Austin has a critical mass of hardware engineers.