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Many Stanford faculty members live in the "Faculty Ghetto", within walking or biking distance of campus. The Faculty Ghetto is composed of land owned entirely by Stanford. Similar to a condominium, the houses can be bought and sold but the land under the houses is rented on a 99-year lease. Houses in the "Ghetto" appreciate and depreciate, but not as rapidly as overall Silicon Valley values. However, it remains an expensive area in which to own property, and the average price of single-family homes on campus is actually higher than in Palo Alto.
