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.
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. Wellesley College
Here’s how the priciest college-town ZIP Codes stack up across five categories, as ranked by median listing price according to July data from Realtor.com. (Realtor.com, operated by News Corp, developed this methodology exclusively for The Wall Street Journal.) New York University Vibe: Around Greenwich Village, student dorms often share blocks with walk-ups, doorman rentals, luxury condos and co-ops. “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.
The housing stock is mostly single-family houses, as most students live on campus. Market drivers: Primary homeowners dominate. There are some rentals; most are seasonal. Harvard University
Vibe: Roughly 20 minutes southwest of Boston, the Wellesley real-estate market functions as an affluent suburban community rather than a student hub. 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. Because inventory has been lower and moves quickly, Bevilacqua says, pro tip: Start looking well before you need a house,.
“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.
“You can have a $6 million to $8 million property right next to a house that is $20 million or more. 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. Pro tip: The details matter.
“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. Seek out an agent who understands hyper-niche pricing variables, like proximity to Harvard Square, lot size, soil quality and historic guidelines, Seelig says.
