Interestingly, as a younger generation person, I don't care too much about the quality of my living conditions -- within reason. As long as its a reasonable climate, not too small and contains my tv, stereo or high-quality headphones, projector and consoles/PC. As well as a perhaps a mall, gym or food venues within walking distance (preferably) or a reasonable drive. That's all I really need.
I spent probably 3+ hours a day playing video games and really if I am playing in a $500k house or $200k house, BF3 on Ultra is still BF3 on Ultra, isn't it?
I am rather fond my my little $42K house myself. It is small but the 3 acres of ground around it is quite nice.