The Most Expensive College Towns in America

Traditional home buyers dominate in Wellesley, but parents buying apartments for their kids fuel the market near New York University.

In America’s higher-education corridors, the campus boundary line doubles as a lucrative real-estate border. From New York City to Los Angeles, wealthy parents have long helped drive college-adjacent market demand by purchasing residences for student children. Now these purchases are shifting from pure investment to secondary family homes bases, real-estate agents say.

Still, the parent playbook isn’t universal; in towns such as Wellesley, Mass., traditional buyers rule the block.

Still, the parent playbook isn’t universal; in towns such as Wellesley, Mass., traditional buyers rule the block. Beyond property values, proximity to a campus can boost local vibrancy

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1. In the City

New York University

Vibe: Around Greenwich Village, student dorms often share blocks with walk-ups, doorman rentals, luxury condos and co-ops. Market drivers: Deep-pocketed parents purchase downtown Manhattan apartments for their college-aged children, helping heat up neighborhoods that are already among New York’s most expensive. “This definitely fuels luxury condo sales,” says Roberta Golubock, a real-estate agent with Sotheby’s International Realty. Inventory: “It wouldn’t be out of the ordinary for a parent to spend $3 million or $4 million for a two- or three-bedroom condo,” says Golubock, noting that some buyers spend significantly more. Pro tip: Parent buyers may prefer to purchase condos as opposed to co-ops, which often have strict regulations relating to occupancy and leasing, Golubock says.

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2. Classic Liberal Arts Enclave

Wellesley College

Vibe: Roughly 20 minutes southwest of Boston, the Wellesley real-estate market functions as an affluent suburban community rather than a student hub. The housing stock is mostly single-family houses, as most students live on campus. Market drivers: Primary homeowners dominate. “People in Wellesley own their houses and live in them,” says Douglas Elliman real-estate agent Susan Bevilacqua, noting a strong draw among Boston commuters, first-time homeowners, trade-up families and relocations. There are some rentals; most are seasonal. Inventory: Town center homes are sought after and regularly top $1.8 million, Bevilacqua says, while neighborhoods off Cliff Road in Wellesley’s 02481 ZIP Code can push past $3 million. Pro tip: Start looking well before you need a house, because inventory has been lower and moves quickly, Bevilacqua says.

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3. Ivy League

Harvard University

Vibe: Urban density meets historic grandeur, with student rentals giving way to high-end doorman buildings and multimillion-dollar estates fanning out along Brattle Street. Market drivers: Faculty, local families and out-of-state parents seeking footholds. “People look at this area as an alternative to Boston’s Back Bay or Beacon Hill—urban living with a yard,” says Maggie Gold Seelig, founder of MGS Group Real Estate. Inventory: “It’s a mix,” Seelig says. “You can have a $6 million to $8 million property right next to a house that is $20 million or more.” Pro tip: The details matter. Seek out an agent who understands hyper-niche pricing variables, like proximity to Harvard Square, lot size, soil quality and historic guidelines, Seelig says.

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4. Classic College Town

University of Colorado, Boulder

Vibe: Off-campus condo and townhouse rentals sit near multimillion-dollar single-family homes, all with eclectic architecture and close to mountain trails. Market drivers: High-net-worth buyers corner luxury home sales, while shifting student trends—such as increased commuting—have recently cooled the parent condo market, says Joy Castillo, a Compass real-estate agent. Inventory: Single-family homes start near $700,000, average around $1.3 million, and can top $10 million, Castillo says. Condos average around $500,000. Pro tip: “Pay close attention to rising HOA costs driven by soaring insurance rates,” Castillo says.

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5. Big 10

University of California, Los Angeles

Vibe: In Westwood, standard off-campus student rentals fringe a high-end market bordering Beverly Hills. Market drivers: “A lot of home buyers are parents of incoming freshmen,” says Craig White, a real-estate agent with Sotheby’s International Realty. Inventory: Standard parent purchases often land between $3.5 million and $5 million, White says, though options range from $2.5 million fixer-uppers to $16 million-plus estates. Pro tip: “Don’t delay on writing offers,” White says, citing fast-moving inventory and intense competition.