Santa Barbara, California, is now the most expensive college town in the US, with a median home price close to $2 million—over twice as high as the next city on the list, according to a new Redfin report. Both Santa Barbara and Boca Raton, Florida, which came in second, are beach towns—a factor driving their high prices.
Redfin’s analysis of the 50 biggest college towns showed Santa Barbara’s median home price reached $1,964,170, up 4% from last year. Boca Raton, home to Florida Atlantic University, followed at $822,701, a 9.3% jump. Flagstaff, Arizona, where Northern Arizona University is located, ranked third at just under $700,000, with prices pushed up by demand for outdoor living and its location near the Grand Canyon.
“Home prices—and, by extension, rent—in some college towns have climbed so high they’re increasingly out of reach for students, faculty and staff,” said Redfin Chief Economist Daryl Fairweather…