I'd like to see that argument. The median home in California is not by any means affordable. The median home in many other states is absolutely affordable. Furthermore---and back to my original argument---suppose that home prices are X * C where X is the median salary and C is some number between 0 and 1. What's stopping someone from drastically undercutting the artificially-high home price?

I have no reason to believe that either home prices or rent are set by wages.