MIAMI
02/01/2012 11:34 am ET | Updated Feb 01, 2012

Miami Ranked Third Most Overpriced City In America

In their search for the most overpriced cities in America, Forbes recently compared our city's stats with other metropolitan areas with over 600,00 residents. Miami came in third.

Researchers based their rankings on four standards: housing costs, the unemployment rate, average salaries of the college-educated, and the price of everyday expense like food, utilities, gas, and croquettas (not really).

Forbes found that only 61% of our housing was actually affordable and that 10% of us are unemployed.

Miami's college graduate can only expect to make an average of $55,700 a year, and our everyday expenses clock in at 12 points higher than the national average. Ouch.

Nearby West Palm didn't fare so well either, coming in as the sixth most overpriced city in America. Fort Lauderdale came in at 17.

The Forbes article hints that Florida's main problem is that non-residents sweep in with their non-local salaries and keep housing prices high.

So how exactly do we stop Brazilian oil tycoons from buying Brickell bachelor pads and overpaid Vogue photo editors from snapping up Miami Beach villas?

Call Jimmy McMillan, because the rent is too damn high.

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