Honolulu is at the top of yet another list, but this one’s nothing to smile about. Forbes has named Honolulu the most overpriced city in the country.
The magazine says the major factors for the ranking are Honolulu’s steep prices for groceries and utilities (both are much higher than the national average) and the fact that the city imports all of its oil.
Another major factor is high home prices. “The median sales price for a single-family home in Honolulu was $430,000 in the fourth quarter of 2013, according to the National Association of Homebuilders,” the article states. “While that’s not the highest in the nation, it still puts the majority of homes on the market financially beyond the reach of families bringing home the median household income in the Honolulu metro area, $86,300.”
Other overpriced cities on the list include New York, Boston and San Jose, Calif.
Read the full article here.