400k isn’t exactly a lot of money in general......in California I doubt that would buy a 1200 square foot home.
In many parts of California it wouldn’t buy a 350SF efficiency apartment.
I looked on Zillow for giggles for homes up to 400k in LA and most did not even break 1000sf for the area inside the building. Only 62 were offered by realtors. Even 15years ago a under 1000sf bungalow in Huntington Beach was going for around 800k. the aerospace companies were buying homes for their new engineers in the area of HB as the employees could not afford it and so they did not have hour plus commute.
I could get that much selling my 3 bedroom house here.