The most overpriced suburbs in America
While many of the nation’s homeowners are worried about falling home prices, others would argue they’re not falling fast enough.
You might find them in Santa Monica, Calif. There, it takes just over 17 years of total earned salary for the median-income household to afford the median-priced home. In Berkeley, Calif., it takes almost 15 years and for Passaic, N.J. households, it’s a more reasonable 13 years.
To find the rest of the spots on our list, we used data from Demographia, a St. Louis-based demographic research firm that draws on U.S. Census data for areas considered suburbs in the nation’s 50 largest metros. Based on these numbers, we calculated how many years of total salary it would take the median household to afford the median house to find the country’s most overpriced areas.