Most overpriced places in 2004 (Seattle #1)

Forbes.com ^ | Betsy Schiffman

[SeattleNeedsHelp]

Do you think where you live is overpriced? You may be in for a shock. No matter how bad you think you may have it, it's a good bet that plenty of other Americans have it worse.

[annyokie]

Like you didn't know ping.

[Spyder]

Interesting - I would have sworn Honolulu (or even better Maui for higher real estate, gas, and just about everything else) would have made the list.

[annyokie]

We don't even rate here in the Ozarks.

[Drango]

Most overpriced places 2004

To see a slideshow of these cities, click here.

Rank

City

Job growth rank

Income growth rank

Cost of living

Housing affordability

1.	Seattle	122	149	132	122
2.	Bergen-Passaic, N.J.	110	102	141	131
3.	Miami	79	132	127	137
4.	Portland, Ore.	118	133	114	105
5.	Middlesex, N.J.	85	131	138	116
6.	San Jose, Calif.	150	28	149	142
7.	San Francisco	145	27	150	146
8.	Chicago	119	98	123	120
9.	New York	103	63	146	143
10.	Jersey City, N.J.	98	101	119	135

Source: Forbes.com

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[cousair]

It has always been overpriced, and in today's Washington state, it is run by liberals. Remember libs?? They love taking from the (so called rich) and giving to all others. Seattle is high priced at every level. I live in the southern part of the state which enjoys the almost 8% sales tax rate.

[I still care]

Strong correlation between Democrat/socialist control and places that are overpriced; i.e., low growth potential to cost of living. (taxes anyone?)

The only one of these in even a semi-red state is Miami - and Miami Dade is still a democrat county, despite the Cuban-Americans.

To me, this is an indicator of how government messes up the market.

[Dan from Michigan]

I figured 1-10 would be all in California or NYC areas.

[jackbill]

These places are pikers compared to my neighborhood of canal and bayfront homes. The house up the street sold for $600K in June of 2003 and is back on the market for $800K. And it is on a lot assessed for less than mine.

[Soul Seeker]

I'm shocked! ;-)

Interesting, isn't it. That leftist rule has a higher cost of living?

Seattle isn't a shock. This is the home of McDermott & Murray. Seattle put them in office. The citizens of Seattle deserve the suffering they elected. Too bad my area of the state suffers from their idiocy.

[luvbach1]

San Diego should have been on that list: housing prices in the stratosphere and wages below the median.

[lelio]

Remember libs?? They love taking from the (so called rich) and giving to all others.

If that were the case Seattle wouldn't be the "most overpriced city in America." The main reason Seattle's #1 is two fold:

1) hit extremely hard by the downturn in the dot com economy, and the economy as a whole (mainly Boeing)
2) there's only so much desirable land around here.

People want to live close to the water and don't want to live in the cookie cutter subdivisions being built on the outskirts.

Once you get outside of Seattle the prices fall dramatically. Is that due somehow to the "liberal influence" of Seattle waning?

[12.7mm]

seattle is a stupid place :o)

[cousair]

The tax rate, on goods and services hits us all. Housing goes up everyday and although we love the beauty of the state, we are not just here for that. It is easy to blame the dot com companies and Boeing for woes of the state, but there is way more to it than that. Seattle controls the vote of the state....and that you can thank the libs for. Having lived here a long time...I have watched my taxes climb to a rate I can hardly afford.

[Blue Screen of Death]

2) there's only so much desirable land around here.

One of the major things causing a shortage of land is the frustrating government regulations involved in permitting a piece of property.

I own 10 acres near Mt. Rainier and the county (Pierce) is about to bankrupt me trying to meet all the septic, well, building, wetland, etc. permits. This wetland (old Indian word for lousy drainage) thing is outrageous. Now they are looking at a 300' buffer around anything they decide is a wetland (all of Western Washington is pretty soggy). The concept of private property is beyond the leftist slime running this state.

[1FreeAmerican]

I live in Maui and you are correct. In the last year some housing prices have doubled. There is no way most of the people who live and work here can afford to save for a down payment or make the payments. I just looked at a 70 year old house on 8k sq/ft lot in a crappy neighborhood for $420k! Gas is $2.65/gal. A gallon of milk is $7. And wages are low here because this is a tourist/service oriented economy. But every day is in paradise!!!!

[lelio]

The tax rate, on goods and services hits us all.

Oh no doubt. One of the most frustrating things around here is the B&O tax. For those not in the know, the Business and Occupation tax is a tax on gross revenues, not the profit that one makes from a transaction (that's a simplification, but pretty much accurate).

The short of it is that VARs, people that add value to a product or service, get killed on taxes. So if you buy wood to make some furniture and then sell it, you're not taxes on the amount you put in on it, but rather on the entire cost of the chair. Why would anyone want to open a business here that just adds value to a product I don't know.

Seattle controls the vote of the state....and that you can thank the libs for.

Seattle does have the most population of the state and should have a proportionate vote.

[jocon307]

Well six out of the 10 are NY/NJ areas. Jersey City being on that list is a joke. Newark must be #11 at that rate. I work in JC, but I stopped living there after I was robbed and burglered more in 5 years than I'd been in 35 in the big bad Apple. Now I live in Bayonne, a wonderfully patriotic town.

[wyattearp]

I live in seattle. It's a great place. It's a beautiful place. Unfortunately, about 75% of the population are communists. It's not the city or the geography, it's the people. Most of them, anyways.