Forbes: Providence one of most overpriced cities

PROVIDENCE WAS NAMED one of the most overpriced cities in the country, according to Forbes. / PBN FILE PHOTO
PROVIDENCE WAS NAMED one of the most overpriced cities in the country, according to Forbes. / PBN FILE PHOTO

PROVIDENCE – Rhode Island’s capital city is among the most overpriced cities in the country, according to Forbes.
Providence came in at No. 20 in a list of the top 25 most overpriced cities nationwide.
The website lists costs that are well above the national average. Groceries, for example, cost nearly 10 percent more, while utilities are 28.3 percent more, transportation runs nearly 5 percent more, and health, 16 percent more.
It states that median income in Providence is $72,000, and the fourth quarter median home sales price was $199,000. Affordable housing based on the median family income is 73.2 percent more than the national average.
Cambridge, Mass., ranked fifth on the list. Boston was third.
Honolulu, Hawaii ranked first for being the most overpriced – groceries there cost 55.3 percent more; utilities, 77.8 percent more; transportation, 26.7 percent more; and health, 15.7 percent more.
Ten of the most expensive cities on the list are in California.
Forbes looked at the country’s 100 largest metropolitan statistical areas and metropolitan divisions with populations of 600,000 or more for the list. It reviewed housing affordability, using the fourth quarter 2014 Housing Opportunity Index from the National Association of Home Builders and Wells Fargo.

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