Ever complained about the cost of gas? Guilty. How about a movie ticket? Guilty. Utilities? Transportation? Real estate? Guilty, guilty, guilty.
Every American adult gripes about the price of daily life, from a gallon of milk to a posh dinner. But in some areas, where ever-increasing living costs and real estate prices are pitted against lackluster salaries and job growth, complaints are more legitimate. There’s no way around it — such locales are anything but bargains.
That we’re talking about places like New York City, Los Angeles and San Francisco should come as no surprise. But what about Tucson, Ariz., and Essex County, Mass.? Both made our annual list of the most overpriced placesin the United States.
In fact, Essex County, which lies north of Boston and comprises a host of waterfront locales, topped off the ranking. With the idyllic views come high living costs and expensive real estate. “We saw a lot of waterfront property being bought and smaller homes being torn down and replaced by million dollar mansions during the dot-com boom,” explains Sara Young, economic development manager at the Cape Ann Chamber of Commerce. “Now you’ll find a lot of those homes on the market, and they aren’t selling because nobody can afford them anymore.” MORE