Forbes considered a number of factors. How much people earn, versus the cost of housing, is part of it. In the end, the analysts found that Sacramento’s median home price of $375,000 made this the third most overpriced region. Other overpriced markets include San Francisco, Washington D.C., Honolulu and New York. The only markets more overpriced, in this survey, are San Diego and Miami. Prices have been coming down in the sluggish Sacramento real estate industry. And where is housing underpriced? Charlotte, Raleigh and St. Louis, to name three.