Forbes releases list of most overpriced cities in America

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What's the Most Overpriced City in America?


Every city needs its own claim to fame or way to stand out -- take Lincoln, Nebraska for instance. It boasts the country's only federal roller skating museum! Unfortunately, some cities stand out for bad reasons ... like being too expensive to live in.

Forbes has created a list of the top 25 cities and their surroundings based on median income, how much affordable housing there is and the percentage above the national average for things like groceries, utilities and transportation cost. Surprisingly, New York City isn't number one -- or even in the top three. Cambridge, Massachusetts comes in at No. 5, while New York City comes in right at No. 4.

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Forbes releases list of most overpriced cities in America

10. Bergen County, New Jersey

MSA: Newark-Union, NJ-PA

Median Income: $89,400

Q4 2014 median sales price: $305,000

Housing affordable at median family income: 55.5%

Cost Above National Average: Groceries: 18.1%; Utilities: 29.8%; Transportation: 11.2%; Health: 10%; Misc.: 20%

photo: Ron Schott/Flickr

9. Essex County, Massachusetts

MSA: Peabody, MA

Median Income: $82,852

Q4 2014 median sales price: $306,000

Housing affordable at median family income: 58.8%

Cost Above National Average: Groceries: 13.9%; Utilities: 21.9%; Transportation: 8.2%; Health: 21.8%; Misc.: 26%

Photo: Panoramic Images via Getty Images

8. San Jose, California

MSA: San Jose-Sunnyvale-Santa Clara, CA

Median Income: $101,900

Q4 2014 median sales price: $681,000

Housing affordable at median family income: 21.8%

Cost Above National Average: Groceries: 18.4%; Utilities: 26.2%; Transportation: 11.8%; Health: 15.7%; Misc.: 5.9%

photo: Geri Lavrov via Getty Images

7. Oakland, California

MSA: Oakland-Fremont-Hayward, CA

Median Income: $88,507

Q4 2014 median sales price: $499,000

Housing affordable at median family income: 31.4%

Cost Above National Average: Groceries: 19.4%; Utilities: -3.4%; Transportation: 9.5%; Health: 13.5%; Misc.: 15.8%

photo: Getty Images

6. San Francisco, California

MSA: San Francisco-San Mateo-Redwood City, CA

Median Income: $100,414

Q4 2014 median sales price: $920,000

Housing affordable at median family income: 11.1%

Cost Above National Average: Groceries: 19.7%; Utilities: -3.7%; Transportation: 9.6%; Health: 13.8%; Misc.: 15%

photo: f11photo

5. Cambridge, Massachusetts

MSA: Cambridge-Newton-Framingham, MA

Median Income: $100,216

Q4 2014 median sales price: $400,000

Housing affordable at median family income: 54%

Cost Above National Average: Groceries: 15.2%; Utilities: 23.4%; Transportation: 9.3%; Health: 21.4%; Misc.: 27.4%

photo: Getty Images

4. New York, New York

MSA: New York-White Plains-Wayne, NY-NJ

Median Income: $65,488

Q4 2014 median sales price: $450,000

Housing affordable at median family income: 24.7%

Cost Above National Average: Groceries: 18%; Utilities: 30.2%; Transportation: 11.2%; Health: 10.4%; Misc.: 19.9%

photo: Getty Images

3. Boston, Massachusetts

MSA: Boston-Quincy, MA

Median Income: $87,317

Q4 2014 median sales price: $350,000

Housing affordable at median family income: 53.6%

Cost Above National Average: Groceries: 14.5%; Utilities: 23.4%; Transportation: 8.8%; Health: 21.5%; Misc.: 28.3%

photo: Steve Dunwell via Getty Images

2. Southern Connecticut

MSA: Bridgeport-Stamford-Norwalk, CT

Median Income: $83,700

Q4 2014 median sales price: $345,000

Housing affordable at median family income: 50.7%

Cost Above National Average: Groceries: 15.6%; Utilities: 32.8%; Transportation: 18.8%; Health: 14.1%; Misc.: 22.9%

photo: Melissa Tse via Getty Images

1. Honolulu, Hawaii

MSA:Honolulu, HI

Median Family Income:$82,600

Q4 2014 median sales price:$509,000

Housing affordable at median family income: 35.3%

Cost Above National Average:

Groceries:55.3%; Utilities:77.8%; Transportation: 26.7%; Health:15.7%; Misc.: 22.5%

photo: M Swiet Productions via Getty Images 

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Here are the top 3:

No. 3: Boston
The median income is over $87,000 , groceries are 14.5 percent north of the national average and utilities 23 percent higher.

No. 2: Southern Connecticut
This is the Bridgeport, Stamford, Norwalk trifecta. The average salary is $83,000, meanwhile utilities, and groceries are a combined 50 percent higher than the average and affordable housing is a problem.

No. 1: Honolulu
Though gorgeous, Honolulu is the most overpriced city in America, according to Forbes. Average income is $82,000 a year, affordable housing makes up only 35 percent of the market, utilities are 77 percent higher, and groceries are 55 percent higher than the national average.


Head over to Forbes to see the entire list.


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