Why is Milwaukee, Wisconsin one of the hottest markets in the US in 2023?

[Marcus Auerbach]

Great breakdown from Dave Meyer talking about what happened in 2023 and what to expect in 2024. Take a look at this map showing home price appreciation in 2023: even for me, it is shocking how Wisconsin stands out, almost solitary with NE. I have my theories and if you follow me on YouTube you know my take on it why this is happening, but I'd like to get my logic checked and hear some other people chime in: why do you think this is happening?

Here is the link to Dave's analysis: 

[V.G Jason]

Quote from @Carlos Ptriawan:

Quote from @Marcus Auerbach:

@Carlos Ptriawan yeah very low price, but would not be my choice of neighborhood..

 one thing that I do notice from bay area (highest land value) and OOS property (lowest land value area) is that, home actually has more intrinsic value when located out of state, same house like that in our market is having 15 times the price, which means we only buying the land while the house itself is in much worse condition than comparable OOS property.

So if someone like me that's more liberal and can accept to live in any neighborhood, I could really have a good primary house to live in out of state, for a very low price point. 

This is why you must evaluate properties not strictly off intrinsic #s like people did in low rate era. You must calculate on land + price to rebuild. In California, you'll almost always be in the money under $1M. Maybe not today with a DSCR formula, but by year 3-5 you likely will be. By year 8-10, you know the equity gains.