News, Rumor, and Opinion by, for, and About the Town We Love

We’re Number 1!
(Of the Most Overpriced
Places to Live)

{Rockport}

It's not just that these areas have high housing prices and living costs—it's that salaries and job growth don't keep up, either

Every American adult gripes about the price of daily life, from a gallon of milk to a posh dinner. But in some areas, where ever-increasing living costs and real estate prices are pitted against lackluster salaries and job growth, complaints are more legitimate. There's no way around it -- such locales are anything but bargains.

That we're talking about places like New York City, Los Angeles and San Francisco should come as no surprise. But what about Tucson, Ariz., and Essex County, Mass. Both made our annual list of the most overpriced placesin the United States.

In fact, Essex County, which lies north of Boston and comprises a host of waterfront locales, topped off the ranking. With the idyllic views come high living costs and expensive real estate. "We saw a lot of waterfront property being bought and smaller homes being torn down and replaced by million dollar mansions during the dot-com boom," explains Sara Young, economic development manager at the Cape Ann Chamber of Commerce. "Now you'll find a lot of those homes on the market, and they aren't selling because nobody can afford them anymore."

The recent increase in inventory has caused the median home prices in Essex County to drop slightly, from $380,000 in the first quarter of 2005 to $373,750 in the first quarter of 2006, according to the Massachusetts Association of Realtors. But that's not enough to make real estate a steal.

Another surprise newcomer to the list: Tucson, Ariz. Though our data shows that job growth is healthy, salaries don't seem to be keeping up with the high living costs. And while housing prices may still be low compared with the hottest areas of the country, the housing boom pushed them up considerably, according to the Tucson Metropolitan Chamber of Commerce.

The usual suspects
San Jose, San Francisco and New York are all repeat offenders, having landed on our list for four consecutive years. Because we've improved our methodology this year, it's difficult to make a direct comparison with prior lists.

But we do know that the three metros rank poorly in everything except the average salary ranking, where they place first, second and third, respectively. Many would argue that such places offer tremendous lifestyle benefits -- among them, high culture and active nightlife. But such things are hard to afford -- much less enjoy -- when basic living costs are so high. While there is no dearth of wealth in those areas, ordinary folk may be squeezed.

The tropical paradise of Honolulu landed in the fourth-place spot. There's no question it's a great place to visit, be it for a weeklong trip or to a second home, but residents feel the burn in their wallets. Honolulu falls in the bottom quartile when it comes to housing affordability, income and cost of living.

The 10 most overpriced places in the U.S.

City // Cost-of-living rank // Median home price
1 Essex County, Mass // 102 // $373,750
2 San Francisco // 112 // $720,400
3 San Jose // 111 // $746,800
4 Honolulu // 95 // $625,000
5 Cambridge, Mass // 104 // $390,400
6 New York // 109 // $528,700
7 Tucson // 74 // $248,600
8 Oakland // 108 // $720,400
9 Boston // 106 // $390,400
10 Los Angeles // 98 // $563,900

By Lacey Rose ©2006 Forbes.com

Posted by Observer Staff at September 21, 2006 06:14 PM

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