It's already happening, the housing costs where I'm at have quadrupled in 4 years thanks to transplants from mostly CA, FL, and NY. There are barely any jobs here though, so they pay about half what they would in a big city while that half is about 20x the median wage here.

This leads to a vicious circle of them buying up even more property and converting it into short term rentals that are the equivalent of paying a mortgage that's 30x your salary.

My parents bought their first house in 1991-ish for around 50k, sold it for around 130k in 2002-2003

The same house now, largely identical save some minor remodelling and updating, is appraised at 282k

Mine would be over 17x

Waiting on a tornado or earthquake to destroy my city so property values go down.