CALIFORNIA BUSINESS MINUTE
Most Overpriced Cities
02-03-12
Hi, I am Tim Johnson and welcome to the California Business Minute.
When thinking of the most overpriced cities, California comes to mind. So, it
should be a surprise when they are ranked on the latest ranking by Forbes.com.
The methodology begins with the 100 largest metropolitan statistical areas.
They are then ranked on four metrics which place equal weight on each to
formulate the rankings. The examination includes housing affordability using
the Housing opportunity Index compiled by the national Association of Home
Builders and Wells Fargo. It also includes a cost of living index executed
by Sperling’s Best Places. It is followed by median salary for college grads
and unemployment rates.
California and Florida take top honors followed closely by Texas.
AMERICA’S MOST OVERPRICED CITIES
1.Los Angeles
2.Fresno
3.Miami, FL
4.McAllen, TX
5.Providence, RI
6.West Palm Beach, FL
7.El Paso, TX & Honolulu, Hi (tied)
8.Bradenton, Fl & San Jose, CA (tied)
For Los Angeles, the housing affordability was ranked at 45.1%, unemployment was
at 11.9%, median salary was $62,900 and the cost of living was 144, based on a
neutral base of 100.
For Fresno, the housing affordability was ranked at 77.4%, unemployment was at
15.8%, median salary was $50,600 and the cost of living was 104, based on a
neutral base of 100.
For San Jose, the housing affordability was ranked at 51.5%, unemployment was
at 9.8%, median salary was $92,100 and the cost of living was 175, based on a
neutral base of 100.
I am Tim Johnson and this has been the California Business Minute.
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