Honolulu, New York City and areas within southern Connecticut top the latest list of the "Most Overpriced Cities of America" compiled by Forbes.
To find the most expensive cities in the United States, the folks at Forbes started off with 100 largest Metropolitan Divisions (MDs) and Metropolitan Statistical Areas (MSAs). After accounting for cost of living, housing affordability, food, utilities, transportation, medical and miscellaneous expenses of the total population, they arrived at their list of the 25 most overpriced cities in the country.
Cities that have a cost-of-living index above 100 and a housing opportunity index (HOI) above 32 percent ranked top on the list.
Honolulu and New York City tied for the top position with an HOI index of 46.8 percent and 23.4 percent and cost-of-living indices of 136.8 and 120.2 percent, respectively. Connecticut and Boston followed with 46.7 and 52.6 percent on the HOI index each. Their cost-of-living indices were 121.7 and 125.8, respectively.
Find the rest of the top 10 cities below:
4. San Jose - HOI: 26, cost-of-living index: 116.2
5. Long Island - HOI: 50.8, cost-of-living index: 116.6
6. Essex County and San Francisco - HOI: 59.1 and 14.1, cost-of-living index: 120.9 and 110.7
7. Cambridge - HOI: 56, cost-of-living index: 116.7
8. Santa Ana - HOI: 20, cost-of-living index: 108.6
9. Oakland - HOI: 37.9, cost-of-living index: 110.2
Check out the complete list here.
Although the most overpriced cities in the United States, none of them appear on the list of the most expensive cities in the world. In the Worldwide Cost of Living Survey of 2013 - published by The Economist Intelligence Unit - Tokyo, Osaka and Sydney took gold, silver and bronze for most expensive cities in the world. No U.S. city made it to the top 10.
