It depends where you live. I just saw a listing for a studio condo in Florida for $700k. My old house in the SF Bay Area is a 1910 California bungalow with one off-street parking space, no central AC, 3 bedrooms, two baths and sits on a 1/3 an acre lot. It’s valued at $1,700,000 at the moment. It’s only a couple feet from the homes on either side so there isn’t much privacy either.