You can buy land incredibly cheap, I don't get it. If anything it's undervalued given fundamental limits of land on earth.

Building a house 2000 SQ ft house with modern technology is ~$400000 give or take. Land prices for a lot to build a house go from almost nothing to $500000 or more in metro areas.

But nothing stops you from building a 400k house on a $20k land lot 2 hours from the metro area. It'll actually be cheaper to buy an existing house there for $350k all together with land. Yeah it'll be older and not as energy efficient, but a house.

Or you can buy literally acres of endless land in the desert for almost nothing.

In fact there's an artificial mechanism for lowering the value of land and houses - it's called property taxes. 1% in California, 2% in Texas IIRC.