Forbes Magazine has confirmed what most of us already suspected: Honolulu is the most “overpriced” city in the U.S.
Forbes rated the 100 largest U.S. metropolitan areas–i.e., the cities and their suburbs–with populations of over 600,000, on four criteria: median family income, the Housing Opportunity Index for the fourth quarter of 2014–in other words, how much a home might cost, on average during that period; the percentage of available housing that was affordable to a family with median income, and the cost above the national average of groceries, utilities, transportation, health care and “miscellaneous” goods and services. Honolulu’s stats:
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%
The top four overpriced urban areas, after Honolulu, were mostly in the Northeastern U.S.: the Bridgeford/Stanford/Norwalk metropolitan complex in Southern Connecticut; Boston, MA; New York, NY and Cambridge, MA. San Francisco and Oakland took the No. 6 and No. 7 spots.