by Matt Mason
Los Angeles Named “Most Overpriced City” in U.S.
May 13, 2009 at 2:00 pm in LA, Real Estate
Los Angeles area as seen from Mt. Wilson
Forbes.com has published a list of the 20 most overpriced cities in the United States, and, perhaps to the surprise of few, Los Angeles tops the list. According to Forbes, “earnings potential and living expenses,” including salary information, unemployment figures, the cost of living, and the Housing Opportunity Index, were all examined in compiling its list. Forbes cited a 10.3% unemployment rate in Los Angeles, as well as a housing bust in construction and sales that is made worse by the fact that home prices here are still among the highest in the nation.
Number 2 on the Forbes.com list was Chicago, which, ironically, was named the best city in the world to live in by Askmen.com just over a month ago. In Askmen’s survey, a city was presumably considered most “livable” when it had the lowest cost of living. Is it possible that someone is using less than scientific survey methods? Ya think?
However, things could be worse for Angelenos. Would you rather be living in Providence, R.I. (number 5) or Cleveland, OH (number 8)? I’m just sayin’.
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