An ex-girlfriend of mine moved out to San Francisco in '91, bought a house in the city proper, worked her ass off for five years before saying "this is insane out here" and moving back to the midwest. She lived in the place just shy of six years and made more on the sale of the property than she did working in that same time frame. I wish to hell I had my shit together back then to buy land, but what can you do? My parent's house is going to easily sell for $600K, even if there is a correction. Both have said that they are not leaving that house except in a hearse. I told them stay there because if things go south my brother and I can pay their taxes and insurance. Meanwhile, in 10 years out here my house and lot have gained about $10K in value in 15ish years. Then again I can afford to live out here and have a decent life outside of work.
Real estate is crazy. California real estate is a special kind of crazy. San Francisco real estate is a special kind of California crazy. Our house in suburban Seattle has more than doubled in value... since 2000. Our apartment in LA? Our landlord bought it in 2007. He was $150k underwater by 2009. When we moved out in 2013 he increased the rent $1000/mo and then sold it in 2015 to a $150k profit.