First, where do I live? There are city tiers in China: first, second, and third.
First-tier cities are few, some only classify Beijing and Shanghai (and maybe Chongqing and one or two others) as tier 1. Tier 2 cities are provincial capitals. Tier 3 is anything else. I live in a county outside a tier 3, so I call my district tier farmer.
Now, homes in China are valued per square meter. This afternoon I saw a paper taped to a wall saying an 84 squared meter apartment with two bedrooms going for 450,000RMB. That amount is roughly 」48k. Keep in mind, this is in a county outside the city.
Meanwhile, when I do go to the city center, I see ads for apartments ranging anywhere from 5kRMB to 12kRMB per square meter (for new apartments currently being built). So you (well, not you - foreigners aren't allowed to own property in China) could buy a 100 square meter shoebox for 」130k in a tier 3 city. Minus a garden (I've met Brits here who comment on the non-existence of garden space here).
Now, renting costs? My apartment is paid for, but if I were to pay rent, it'd cost me 800RMB (」85) per month. It's a bit too big for me at roughly 91 square meters. Compare this to living in Beijing, where a similarly sized apartment to rent for would cost roughly 3500-4500RMB (」374-」482) per month, depending on location. That is the difference between tier 1 and tier farmer. I imagine the lack of a garden space would drive most old Brits crazy.