Try living in the Bay Area(and not even in SF, more like Benicia, Fairfield, etc). We had a modest 1300sqft 4/2 and it was over $220k back in 2001 when we bought it. My husband's job was in that area and other than having a 1+hr commute(which would negate housing savings by eating it up in gas), it was where we had to live and it was not even in a great area(good are) and the house was 15+yrs old. He still works in the Bay Area but we bought a house 2hrs away(more in the Sacramento Valley area) and he has an apartment near his job while we have the small 2/1 85yr old house(which I LOVE) and our house payment is lower than the rent for the apartment. Now that is some sad state of affairs. Even with the crash starting in 06, homes near his job are still going at $400k(unless you want something that has been empty for several years and destroyed by squatters). It's all relative depending on where you work and where your jobs are. The town we are in is rural, farming community but a better environment for our son(17) and short of the irrepressible heat, it's where I will stay. LOL
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