Michigan college students often live in aged dorms in need or urgent repair, while university-owned homes for college presidents fall in the posh range, according to this article by Booth Newspapers. The value of president's homes at the University of Michigan, Michigan State, Eastern Michigan and Lake Superior State top $1 million each. The presidents of Wayne State, Western Michigan and Oakland University live in homes valued at more than $750,000. Mike Boulus, executive director of the Presidents Council, State Universities of Michigan, said it is a tradition, and often a condition of employment, for presidents to live on or near campus in homes provided to them.