I cannot wrap my brain around a $700k house. I mean, if you can afford it, great. But for someone just looking to have a roof over their head and not be renting, good grief.
Missouri thankfully isn't nearly that nuts. But still, my mother passed away a couple years ago, and the modest one story house she had been living in since the early '90s that was in poor shape wasn't something we (us five children) wanted to mess with, and we all have our own homes. Not in a bad area, but certainly not fancy. She owed $92k on it (she was really terrible with money), and that was a substantial chunk of what she bought the place for after my parents divorced. We quick sold it as is to a flipper we knew, they paid $128k for it. My brother in law thought we should have gotten more, but we really didn't have the luxury of time to deal with it.
We got to walk through the house about nine months later, and they did a quick fix up on it, nothing all that nice to be honest. Painted, redid the hardwood floors, installed new bottom-end kitchen and bathroom stuff, etc. I would be surprised if they spent even $50k on it (that included filling in the defunct in-ground pool). They listed it the next day for $329k.... it sold later that day for $369k. I think my siblings and I all sprained our jaws when we found this out. I was amazed. Amazed that it was listed for so much, amazed that it sold for that much, amazed that there was an intense bidding war over the course of just a few hours, and amazed that someone with that type of income would want to live in that area.