Lakomka
05-08-2009, 06:00 PM
At least residents of Los Angeles and the third-ranked Miami metro get to enjoy balmy evenings and sunny days at the beach. Residents of the second-most overpriced metro area, Chicago, get sweltering summers and near-Siberian winters on top of a 9.4% metro area unemployment rate and a cost of living trailing only Los Angeles and New York.
The Big Apple ranks fourth on our list; it's weighed down by high costs and an 8.8% unemployment rate. Those factors overwhelmed the considerable earning power of New Yorkers with bachelor's degrees--$69,200 per year, on average, according to PayScale.com--a figure rivaled only by those in Washington, D.C., and Bay Area locales, including San Francisco. Still, it's not enough to bridge the price gap.
"For the average professional, New York's premium is not as high as you'd expect, given the cost of living," says Al Lee, director of Quantitative Analysis at PayScale. "The premium for a software developer in New York is actually less than it is in Seattle, and about the same as it is in Atlanta."
Even those in less-sprawling cities have it tough. Along with fifth-ranked Providence, R.I., Cleveland(No. 8) is one of the smallest metro areas among the 10 most overpriced cities. Though both boast low home prices and living expenses, they're dragged down by high unemployment and relatively stingy salaries of $56,000, on average.
http://realestate.yahoo.com/promo/americas-most-overpriced-cities.html;_ylc=X3oDMTFwNDdkZmIxBF9TAzI3MTYxNDkEX 3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNvdmVycHJpY2V kLWNpdGllcw
The Big Apple ranks fourth on our list; it's weighed down by high costs and an 8.8% unemployment rate. Those factors overwhelmed the considerable earning power of New Yorkers with bachelor's degrees--$69,200 per year, on average, according to PayScale.com--a figure rivaled only by those in Washington, D.C., and Bay Area locales, including San Francisco. Still, it's not enough to bridge the price gap.
"For the average professional, New York's premium is not as high as you'd expect, given the cost of living," says Al Lee, director of Quantitative Analysis at PayScale. "The premium for a software developer in New York is actually less than it is in Seattle, and about the same as it is in Atlanta."
Even those in less-sprawling cities have it tough. Along with fifth-ranked Providence, R.I., Cleveland(No. 8) is one of the smallest metro areas among the 10 most overpriced cities. Though both boast low home prices and living expenses, they're dragged down by high unemployment and relatively stingy salaries of $56,000, on average.
http://realestate.yahoo.com/promo/americas-most-overpriced-cities.html;_ylc=X3oDMTFwNDdkZmIxBF9TAzI3MTYxNDkEX 3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNvdmVycHJpY2V kLWNpdGllcw