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In determining what is overpriced, Forbes first weighed median prices for homes sold against median income levels. That determined the percentage of homes that are affordable to residents making the median income. It then looked at the cost of living index which factored in the cost of food, utilities, gas, transportation, medical expenses and more.
Finally, Forbes took into account other amenities such as an area's advantages in transportation or health care costs in an attempt to differentiate between "overpriced" and just plain "expensive."
Forbes then weighted these numbers to arrive at their rankings. Honolulu and New York City tied for the top spot with Southern Connecticut coming in just behind them.
Southern Connecticut is saddled with a very high cost of living index, according to Forbes. Cities in the study with an index of 100 were consistent with the national average. Southern Connecticut, however, had a cost of living index of 121.7.
For the study, Forbes considered Southern Connecticut to the Metropolitan Statistical Area of Bridgeport-Stamford-Norwalk with a population of 916,829 people.
Rounding out the Top 5 overpriced regions are Boston; San Jose, Calif.; and Long Island, N.Y.
California dominated the list with nine metropolitan areas making the list. The San Jose Metro area led the way for the Golden State while the Los Angeles area came in at No. 25.
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