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Faculty residences

Many Stanford faculty members live in the "Faculty Ghetto", within walking or biking distance of campus. The Faculty Ghetto is composed of land owned by Stanford. Similar to a condominium, the houses can be bought and sold to other Stanford faculty but the land under the houses is leased for 51 years with the possibility of extensions. Houses in the "Ghetto" appreciate and depreciate, but not as rapidly as overall Silicon Valley values.