We're already a homeowner's society.

FRESNO, CALIFORNIA -- In the late 1980s, Rich Mostert had the usual dream--a house, a flourishing business, a family--but in the wrong place. He was living in San Francisco, one of the nation's most expensive places, and he didn't have sufficient cash to turn any of his dreams into reality.

Local housing was ridiculously expensive. And competition from people with large inheritances--or a willingness to forego a family or a home--made starting a business almost impossible. "It's hard to make it in San Francisco if you don't start with a nice nest egg," he recalled 15 years later.

So Mostert decided he'd try his luck elsewhere, four hours away in the ...