Top 10 overpriced places to live in US - Forbes

According to Forbes.com following are top 10 over priced places to live in US. Out of 10, I lived in Passaic(90s) and Middlesex County, NJ (recently). Most of my friends and I would agree that these places are overpriced, but still amazingly the people are buying houses at the same high pace.

1. Seattle


2. New York City
   
3. Portland, Ore.
   
4. Chicago
   
5. San Jose, Calif.
   
6. Bergen-Passaic, N.J.
   
7. San Francisco
   
8. Middlesex, N.J.
   
9. Denver
   
10. Los Angeles

	New York City	Passaic, NJ	Middlesex, NJ
Cost of Living Rank	146	140	138
Job Growth Rank	108	102	92
Income Growth Rank	70	82	104
Housing Affordability Rank	144	130	115
Median Home Price	$435,200	$448,100	$381,400

"New York City: New Yorkers will tell you (grinning with the slightest hint of hubris) that their city should be at the top of any list of overpriced places. And they do have a lot to complain about. The local economy is doing well, and incomes are going up solidly. But cost of living and housing affordability is where New Yorkers get the bite. New York is the most expensive city in North America, according to the "2005 Cost of Living Survey" from Mercer Human Resource Consulting. And, in the first quarter of this year, inflation was at its highest rate (4.1%) since 1991, according to the city comptroller."

"Bergen-Passaic, N.J.: The Bergen-Passaic area has hit the top ten again--last year it was No. 2. This year, it scores far better on income growth, but housing and cost of living are very, very expensive. That's not that surprising--the area is full of commuters to New York City, and some local towns, such as Alpine, are among the priciest in the country. "

"Middlesex, N.J.: Most of the country has never heard of Middlesex, N.J., so how can it make the list? This wouldn't be the first time--last year it was at number five. Middlesex residents mainly take a hit on cost of living and housing affordability. Located in the center of the state, the county is home to large companies, including Merrill Lynch and Bristol-Meyers Squibb, and is one of the fastest growing in New Jersey. "

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