Forbes Ranks Seattle Most Overpriced City
Forbes Magazine published a list of the ten most overpriced places in the U.S.
Seattle ranked number one for the second year in a row.
To determine the ten most overpriced places in the country, we started with the 150 cities examined in Forbes’ 2005 list of the Best Places for Business and Careers. They were ranked from 1 to 150, with 150 being the worst. Weextracted the rankings for job growth, income growth and cost of living (which includes the cost of housing, utilities, transportation and other expenditures), then added to the mix a housing affordability index from research firm Economy.com. The index measures how much of a local median-priced home (the price at which 50% of homes are more expensive and 50% are less expensive) you can buy if you earn the local median income, given current interest rates. We totaled everything to see which cities come out on top–or on the bottom–depending on your perspective.
Seattle, once again, took the highest spot on the “Overpriced List,” because it’s still recovering from the dot-com blowout five years ago. New York and San Francisco, which have hard-earned reputations for being super-pricey cities, made the cut, as did a couple of New Jersey locations.
Portland is number three.
San Francisco is number seven.
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