>That's a fair point. But until recently you could move to a lot of countries in Europe for an investment less than a house in California.

That alone is enough to put most people out of grasp of doing this, for a multitude of reasons, of which not having the capital is only part of the equation, as you would also need to have a suitable investment on the other side to put said money, not a promise. I'm sure there are other nuances involved too.

Thats before the fact that the cost of a house in California would price most people out of the equation to begin with.