$500,000 Real Estate Meme

Snarfed from r-ness

What will half a mill buy where you live? On my street, it appears that will pay for about a third of a house. If I wanted to expand my search to still be in my neighborhood but a bit farther away and include condos, for that dough, I could get a one bedroom and one bath condo in a building with no amenities besides a garage with room for only one car.

If the housing market is sooooooooooo terrible that it is a problem for the larger society requiring government intervention, why exactly are places empty rather than more reasonably priced?

What can $500,000 buy where you live?