Why is the US real estate bubble extinguishing so quickly?

A mass migration is taking place in the United States. Americans are escaping from metropolitan areas such as New York, San Francisco, and Boston, where house prices are soaring, and are moving to places where house prices are cheap. In the United States, it is natural to move to an area where homes are cheaper when home prices rise. However, the opposite is happening in Korea. Rather, in areas where real estate prices rise, the demand to buy a house increases. Why does the opposite phenomenon occur?

 

The New York Times reported that the New York Metropolitan area's population continued to decline for several years because New Yorkers were leaving New York who couldn't afford the expensive housing costs. In an article titled ``Declining New York Population Correlates with Housing Costs,'' the New York Metropolitan area, including parts of New Jersey and Pennsylvania, from 2000 to 2004, had about 191,000 people moving to other regions than the immigrant population. Reported that there were more.

 

Analyzing data from the U.S. Census Bureau, the article found that 183,000 people in New York State are moving to other regions each year to avoid rising home prices. In California, where homes are expensive, an increase in the outflow resulted in a decline of 221,000 people during the year. The Wall Street Journal reported that in 2004, New Yorkers moved to Miami, Orlando and Tampa to avoid expensive homes. In Boston, people moved to Rhode Island, where homes were relatively cheap, and from Los Angeles to Riverside and San Bernardino.