But a lot of the areas that the big private equity firms have targeted the last 10 years you can go into middle class areas and buy em up. Atlanta/Dallas/Nashville/Orlando, cities in that "tier"
I live in Arlington, VA and home prices (like a lot of other major cities) is out of control - there's no inventory. Anytime something goes up for sale it's sold often times before it actually hits the MLS. My house is worth around $600k, and in the DC are that is "affordable", especially for working couples. When you start getting into the $750k+ range it thins the number of buyers as that's a little out of most younger couples price range. Anyhow, a house two doors down from me - the exact same house, except we have a 3rd bedroom, and they have just a finished basement, and we have a detached 1-car garage, they have a shed - listed in January for $579K. They held an open house on a Saturday and Sunday - at least 400 people showed up. More than 25 offers....and it sold for $61K more than asking price ($640k). Then, after closing....the guy that bought it put up a 'for rent' sign. He just rented it for $3000/month. It makes no sense. His property taxes have to be close to $6k/year, so that's two months rent just on property taxes.
Yeah, if you can find a neighborhood to buy houses that make sense (i.e. the 1% rule) you're in good shape. This guy getting less than .5%.