I am summarizing a published article.
What do these Metro Areas have in common? 1- They are on the east or west coast.
2-These cities have minimal buildable land available.
When a metro area’s land value is greater than the structural (home) value, you will see more older homes torn down; replaced with new. It is not unusual for the new structure to consist of high density residential units.
Portland, Oregon Metro Area is the most affordable on the west coast. In my opinion, if you bought property here, you made a good investment.
To read more, here is the link.
Top 10 Cities Where Land is Worth More Than Home - Realtor.com