A new study by Forbes lists “America’s most overpriced cities in 2015” – and it’s an interesting take on where to live and where to visit. “City” isn’t entirely accurate, as the rankings are based on Metropolitan Statistical Areas (which in some instances include more than one city) and Metropolitan Divisions.
Factors include median income, housing affordability, prices of residences and (broken out by percentages) above-national-average costs of groceries, utilities, transportation, health and “miscellaneous.”
Insufficient data from eight of the largest 100 markets kept some places – including Columbia, Nashville, Tenn., and New Orleans – from the rankings.
Obviously, groceries and transportation are important to travelers.
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Some of these destinations are notoriously expensive; others are well-heeled suburbs. A factor to keep in mind is how income and housing affect the rankings: The wide gap between wages and real estate, plus expensive grocery bills for instance, helped spike humble Newark far ahead of pricey places to see such as San Diego.
Here’s the list:
2. Southern Connecticut (Bridgeport-Stamford-Norwalk)
4. New York City
5. Cambridge, Mass.
6. San Francisco
7. Oakland, Calif.
8. San Jose, Calif.
9. Essex County, Mass. (Peabody)
10. Bergen County, N.J. (Newark, N.J., Union, Pa.)
11. Long Island, N.Y. (Nassau-Suffolk)
12. Sacramento, Calif.
13. San Diego
14. Stockton, Calif.
15. Edison, N.J.
17. Riverside, Calif.
19. Santa Ana, Calif.
20. Providence, R.I.
21. Portland, Ore.
22. Fresno, Calif.
23. Los Angeles
25. West Palm Beach, Fla.