I know a couple people in NYC who do something like this. It works fine for two smallish niche groups: well-off childless couples who prefer not to spend much time in their city, or very well-off couples with children.

Single people don't want to spend their weekends alone in a farmhouse, and 3+ person families don't want to live the bulk of their time in a studio apartment. Meanwhile, that 300-500k dollar farmhouse could put your kids through private school or good colleges.