Thats right, my father is a professor
I don't know about universities in South America, but some universities here pay good money and provide very good housing. Living in the university i live in, isn't so bad, save for the over excessive internet censorship. I mean the houses here are two storey, six bedroom villa's. We have a sports complex that is completely free of charge, we have a 100M football field, we have tennis courts, basketball courts, an olympic sized swimming pool. The campus has its own clinic, restaurants and convenience stores.
So actually it isn't that bad living in the university