I think this is something non-locals don't really understand. Not so much that houses are insanely overpriced, but that in the most desirable cities for homebu

I think this is something non-locals don't really understand. Not so much that houses are insanely overpriced, but that in the most desirable cities for homebuyers (let's call them Palo Alto & Cupertino for argument's sake) the average house is a total piece of crap. It's not like you're getting something nice for your $2m. The people who are buying them are either buying them to tear down or significantly remodel, or they're tiger parents -- usually both working in tech -- trying to buy into the top public school districts ... but who then either don't care about the property quality or don't have any money left over to make improvements (hence all the detached garages converted into rentable studios). The property quality in a lot of relatively cheaper parts of the region are a lot nicer than what you find in some of the most expensive.