People will go to where the work is, such as my niece who now lives in North Dakota after she left South Carolina because there's better pay.
This flexibility is one reason I oppose the heavy subsidies of home ownership.
In bad times, when housing values fall, it's often impossible for people to
sell their home without having to come up with cash to cover the transfer costs
& the shortfall between loan balance & net proceeds from the sale. This happened
during the crisis which started in 2001, & became noticed by economists & politicians
in late 2007. Government exacerbates the problem by prohibiting Fannie Mae &
Freddie Mac from negotiating principal reductions with underwater borrowers.
Oddly, it's the evil capitalist lenders who are far more pragmatic, & consequently
charitable because they will waive large portions of balances due. And then,
Uncle Sam charges the borrower income tax on the forgiven amount.
I've been there & done that.