That's why I added that the value of that particular location could also be different than it was when it was $700. I have no idea, maybe it's not and even more run down and the prices are out of control.

Btw, that $21/hour is still below where the minimum wage should be if it kept up with inflation all these years. Plus, generally you shouldn't be spending more than 30%(?) of take home pay on housing, so there's that too.