I think many parents still encourage their kids to stay as close to home as possible. Would much smaller BYU campuses in TX and/or SoCal and/or Florida and/or Nauvoo and/or Palmyra have a more regional demand? Would a church school work in a non-immersive community/culture? Would they seek tiny towns and take them over for a church campus environment (heaven knows there is plenty of dirt cheap real estate in rural American now-a-days). I realize there may be a supply limitation for the current situation, but I do know that the Brethren keep worrying about the YSA-aged crew and how tough it is to keep them active and/or worthy in the current cultural climate. The overall numbers in this demographic are not good.
Also, with a higher percentage of young women serving missions and even they Elders at a pre-college age, will there be an increasingly higher demand to try to continue a more spiritual path via a church school? I wonder what the numbers are showing.