I've heard the phrase, "rising tide raises all boats." This phrase points out the virtue of increasing prosperity, but another phrase may be more applicable these days. "Rising tide swamps all boats," or at least swamps many boats. Trying to buy a house in Seattle's stratospheric market often means being outbid (like your boat being swamped) by the rising tide of other folks with greater wealth. This effects the rental market also. To continue the analogy, the damaging wake that can be created by big boats.
Median price in Seattle hits $700,000.
Apr 10, 2017, KIRO 7 story.