[MichiganMat]

Im a software engineer from MI and Ive been living in the BayArea for a few years now. I have a great job and I make OK money doing it. I knew coming here that housing costs would be high but I always assumed that I would be able to buy something *eventually*.

Well, after 4 years of saving and working, Im not even close to having a down payment, much less a house. I've been renting all this time and living with roommates to keep costs down. I've bought a few toys here and there (the Pcar, my Rover, etc) but I've always lived fairly conservatively (used cars, roommates, DIY stuff, etc)

I learned today that a coworker who has been my company a few years longer than me has just put a downpayment on his first place: A new townhouse in San Jose for $700K. Its no doubt bought with stock, but I just can't understand that kind of price for what he's getting.

Does this make any sense to anyone here? Its got me depressed enough that Im seriously considering leaving this place and working someplace else in a cheaper part of the world. Im young, only 26, and single, but having a home just seems like a natural progression to all the hard work I've done, life with roommates is losing its appeal. Is the grass infact greener on the other side of the country or is saving for the next 20 years an option I should consider?