Research from UC Irvine and San Francisco Fed economists finds that average income growth — especially at the top of the distribution — correlates strongly with house price growth, while housing supply growth tracks population change. The authors argue that income dynamics among higher earners, not supply constraints alone, drive much of modern price escalation. The study challenges conventional policy responses focused solely on increasing supply and suggests different levers may be needed to address affordability in high‑cost university towns. For colleges and universities, the findings raise immediate concerns about faculty and staff recruitment, student housing costs and the viability of local partnerships to expand affordable housing. Administrators should consider integrated strategies — wage adjustments, targeted housing subsidies, campus‑based housing expansion and community engagement — as supply‑side fixes may not resolve price pressures driven by income concentration.