In determining what is overpriced, Forbes first weighed median prices for homes sold against median income levels. That determined the percentage of homes that are affordable to residents making the median income. It then looked at the cost of living index which factored in the cost of food, utilities, gas, transportation, medical expenses and more.
Finally, Forbes took into account other amenities such as an area's advantages in transportation or health care costs in an attempt to differentiate between "overpriced" and just plain "expensive."
The Westchester area is saddled with a very high cost of living index, according to Forbes. Cities in the study with an index of 100 were consistent with the national average. The NYC-Westchester area had a however, had a cost of living index of 120.2
For the study, Forbes considered the Metropolitan Statistical Area of New York City-White Plains-Hackensack-Wayne, N.J. with a population of 11,576,251.
Rounding out the Top 5 overpriced regions are Southern Connecticut; Boston; San Jose, Calif.; and Long Island, N.Y.
California dominated the list with nine metropolitan areas making the list. The San Jose Metro area led the way for the Golden State while the Los Angeles area came in at No. 25.
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