There is plenty of land, but not where most people want to live.

It's all taken at this point in many areas. My parents could afford a 60 acre lot (again, in a rural area) on a construction worker and school bus driver's salary.

My wife is an accountant and I'm a programmer/photographer and the best we could afford is worse house on a lot 1/4 the size. There literally aren't lots that size around anymore. Usually when one goes up for sale a developer will buy it.

Sure, there's farmland in the area - but the farmers are using that.