America’s Most Overpriced Cities 2014

Riskin Associates Listing

Forbes’ Erin Carlyle recently chronicled the countries most expensive cities and many  California cities found themselves labeled “overpriced.” In fact, California cities showed up most often on the list taking a whopping 9 spots. Covering the entire state, San Francisco, Fresno, L.A., Riverside and San Deigo all made the list, with L.A. snatching up the #20 position. Of relatively little surprise, Honolulu, Hawaii and New York City tied for first followed by South Connecticut and Boston. Philidelphia, Miami, Portland, North New Jersey and Long Island, N.Y. all made the list as well.

Aloha – Honolulu made a great case for being the most overpriced city with a median housing price of $430,000 and an exorbitantly high cost of living. While the median home price does not reflect the highest in the counrty for a Metropolian area, it is financially out of reach for most of the city’s resident families earning the median income of $86,300 per year. Cost of living plays a major role as well, with groceries costing an astounding 55% more than in the rest of the country and utilities costing – wait for it – 67% more.

Forbes compiled this data by looking at Metropolian Statistical Areas (areas with populations of 600k or more), and housing affordability and cost of living index in these areas.

Santa Barbara‘s humble approx. 89,000 population disqualified the city as a Metropolitan Statistical Area. With is no shortage of adventure, culture and cuisine in the area, and a airport an airport for quick jaunts to L.A., the Bay Area and beyond, Santa Barbara is an ideal town.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s