CNN/Money is out with a new study which says Boston is one of five cities considered "bubble-proof".

Haha. We'll see.

Income trends and development restrictions have made each of these top cities safe bets for investors.

Why Boston?

Boston: Average annual home price appreciation (1949-2006)*: 3.0%

Boston had the strongest wage growth of these cities through the tech bust and jobless recovery. Over the next five years, it will have the highest per capita income, next to San Francisco.

Also, an article describing of what constitutes a "bubble-proof" market:

Limits on the supply of new land and buildings factor heavily, but even more important are trends in household income. According to the study, prices are likely to keep climbing in cities where poor and middle-class households are being nudged out by rich ones. The phenomenon skews prices higher than the national average because more dollars are chasing fewer properties.

Complete stories: 5 bubble-proof Markets - By Paul Kaihla, CNN/Money