Forbes Rates Westchester-NYC Area Most 'Overpriced' In Country

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The New York City-White Plains-Westchester-Hackensack region is the nation's most overpriced to live in, according to a Forbes study.
The New York City-White Plains-Westchester-Hackensack region is the nation's most overpriced to live in, according to a Forbes study. Photo Credit: Wikimedia Commons

WESTCHESTER COUNTY, N.Y. -- Ever feel like everything costs too much? Forbes Magazine has rated the New York City-Westchester-Hackensack, N.J., area as the nation's most overpriced area to live in, tied with Honolulu.

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."

The Westchester area 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. The NYC-Westchester area had a however, had a cost of living index of 120.2

For the study, Forbes considered the Metropolitan Statistical Area of New York City-White Plains-Hackensack-Wayne, N.J. with a population of 11,576,251.

Rounding out the Top 5 overpriced regions are Southern Connecticut; 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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Hackensack? How did they form THAT triangle -- Westchester, nyc, hackensack? ridiculous.

You ain't seen nothin' yet, my friends. Wait until the pension bombs explode. Every municipality in Westchester is in the same boat with a truckload of unfunded liabilities for retirement benefits. Back in the 60's when the cost of health insurance was a big nothing,100% employer paid health insurance became an automatic benefit for all civil servants as a virtual footnote. While it skyrocketed in cost, local pols never had the political will to say "this far and no farther." Unlike the private sector, our civil servants don't just get health insurance paid for by taxpayers while they are working, they get it in retirement, along with generous pensions. Then of course we have the proven idiocy of "throwing money" at our social problems" for years and ..... you know, I'm thinking Australia is looking pretty good to me, right about now.

Mount Vernon is already nearly bankrupt, and the public workers unions refuse to accept more financial responsibility for themselves. When bankruptcy becomes final, then there may be nothing for those workers to collect.

I know this wasn't the point, but as someone who grew up in White Plains in the 1960s that photo is incredible. This is the Urban Renewal area and it all started about 1965. This was their vision and it came to reality. That's Main Street looking east from No. Lexington Avenue with the Galleria on the lower right. I recognize almost everyone of those buildings and only three or four of them existed in 1965. Great photo.

Sorry! The photo is not looking east on Main Street. It's looking east on Water Street in White Plains. That's the White Plains TransCenter on the lower right, not the Galleria.

White Plains sure has changed! :>)

what are you going to do about it? absolutely nothing. Enjoy the ride, it's all downhill, from here we'll really pick up some speed.

So what are we going to do about it???

Re-elect Cuomo with his fellow Democrats again to assure we keep this high honor, yeah !

forgot to mention. THE MOST OVERTAXED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! almost HALF of my monthly mortgage payment is TAXES!!! one month of my Property taxes is almost Double that of what most places in the country pay PER YEAR

And what do we get for these taxes? So little. My child goes to Westchester public schools and they have to supply all sorts of school supplies that (when I grew up) were basically provided. Tissues, wipes, everything. Pretty soon they will be supplying their own toilet paper. And then, I recently found out that my high school aged daughter has "free periods" when a teacher is absent, rather than a sub. Now, we all know that subs do nothing anyway, but there something really cheesy about having no one in charge when a teacher is out sick esp with what we pay in taxes.

This is tip of the iceberg. We have layers and layers of govt in Westchester and what are they doing other than collecting large salaries, benefits, and pensions while the rest of the county has no health care, can't afford housing, and is barely making it.

Truer words were never spoken. This area is insane. And when you factor in wages, which are rock bottom for most people, you have an absolutely idiotic place to live. Some of us are stuck here.

That's why we moved! Lived in Yorktown Hgts since 1972. Taxes on my house was $18K. Now we pay $450 a YEAR. Closer to the beach. Lots of transplants here.

Where did you move to. Looking for the same.

FORBES IS ABSOLUTELY CORRECT AND WITH ALL THE HIGH LIVING PRICES, NOTHING IS DONE TO ASSIST SENIOR CITIZENS AND THE HANDICAPPED. WESTCHESTER FALLS SHORT ON PROVIDING LEGAL SERVICES, AND FOLLOW UP IN SOLVING COMPLAINTS TO THE FIRE DEPT., HOUSING DEPT. AND THE MAYORS OFFICE. WITH ALL THE MONEY ALLOTTED TO THE COUNTY TO AID THIS POPULATION, VERY LITTLE IS DONE. GOV. CUOMO SHOULD CUT BACK ON FUNDING OR ELIMINATE ALL TOGETHER.