Second homes: A meeting of the minds - and much more - in Missoula, Mont.

— -- Home to the University of Montana, and surrounded by mountains, trails, skiing, renowned trout streams and whitewater, Missoula is often described as "cerebral meets outdoorsy."

The downtown is dominated by the university and the city's two highly regarded hospitals, full of bistros, brewpubs and espresso bars. But most second-home owners come for the ample outdoor activities, the privacy of vast ranches or the growing number of luxury golf communities.

"As a university town, it has culture, and we have enjoyed easy, slow growth with good planning," says Tim McGill, a broker with John Herring Real Estate.

Greater Missoula comprises six valleys that all have second-home enclaves, including waterfront properties on the town's three rivers. Hundreds of miles of trails encircle the city, which has a new whitewater kayaking park and is just 5 miles from the vast Rattlesnake National Recreation and Wilderness Area and 9 miles from the Montana Snowbowl ski resort. "Each valley has direct access to hiking, mountain biking and cross-country skiing," McGill says. "This is a very active community, and our second-home owners mirror that."

Downtown Missoula offers mostly condos, while the surrounding valleys have single-family houses. The Bitterroot Valley runs south from the city and has become the choice of Hollywood celebrities craving ranches.

At the end of the valley, an hour from downtown, is Stock Farm, a private club community developed by financier Charles Schwab, with a Tom Fazio golf course. House prices start at $3.5 million (stockfarm.com). Rock Creek Cattle Co., a similarly priced luxury golf community east of Missoula, is set within a working 88,000-acre cattle ranch (rockcreekcattlecompany.com).

But for the most part, prices around Missoula are reasonable, with the median price for the urban area at $208,000. "It's not cheap, but it all depends where you are coming from," McGill says. "Buyers from the coasts find it very affordable."