Yeah house value (mostly due to location) is less than 10k. It's a four room house(not bedrooms, actual, useable rooms) on a sizeable plot, but even the school got shut down.
It's not somewhere people want to live. That's why it's so cheap.
Back on topic, i still don't think we need a recurring monetary cost. You want to remove gil from the super rich, the only surefire way to do it is just outright deleting it. And we all know how well that'll go