Million-dollar manure?

$1 million to live in Norco, CA? At this point, you truly could sell a pile of horse dung in California and have it hit the $500K mark.

Where to from here? Housing prices are outrageous; the point's been beat to death. So what are the options?

- Renting. Often vastly proven to be a better value in the more heated housing markets such as the Bay Area, Los Angeles, and Manhattan.

- Tenancies in common. An intriguing, and growing, movement toward jointly shared ownership. However, politics between co-property owners could defeat some deals, so make sure you can do business with the people who are also signing on your dotted line.

- Buying out of state. I speak with investors on a regular basis, many of whom are telling me they're putting down cash in states other than California. Hot areas include Florida and Texas -- Nevada and Arizona are getting to the point of being tapped out, they say.

- Nomadism. Pull up roots and travel around. Not recommended for everyone, but for some, living out of a backpack is far healthier than socking away all your cash into one specific place.