It blows me away reading these forums how much people pay, and how much they borrow to purchase their homes.
I live in the corn belt midwest and you can buy entry level, in town, single family homes day in and day out for $40-60,000. You can get a great move in ready suburban home with a half acre yard easily for $120 - 160,000, and some super nice custom homes for $250,000 range. Anything priced over about $300,000 is tough to sell.
Very similar situation in many of the smaller communities around here. Prices get a bit higher in the metropolitan cities, college towns and waterfront type areas, but still within reach.
It's not like there aren't jobs here either. Lot's of manufacturing and ag related industries, as well as all of the normal healthcare and municipal employment opportunities. You might drive 45 minutes to work, but you're not fighting metro traffic.
Just can't fathom paying $2,000 rent and a half million dollars and upward for a basic home. From what I read here, it sure doesn't appear the income is three or four times higher, to justify the housing cost.