I don't think it is a permanent lifestyle, but I think that there will be a growing share of people who will have a stage on their life (post-College, single and flexible enough in regards to location requirements) where such a lifestyle makes sense.

Individually, yes, I agree that after a while most people will eventually settle down back in their home countries or a place more similar to their native culture.

However, imagine if such a system like a described existed and recent graduates from the US, Canada and Northern Europe went on to live 3-5 years in areas with a lower COL but at the same time allowed them to build equity on a home.