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Well Zippity Doo Da, Tribeca: You're No. 1!

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Congratulations to our old friend Tribeca: you're the country's most overpriced zip code! Woo-hoo, 10013! Oh, this is according to a Forbes report culled from data supplied by Hotpads.com. How did they come up with this? Well, it kind of makes our heads hurt. We'll let Forbes explain:

Hotpads.com produced a price-to-earnings spread for each ZIP code in the nation's 40 largest cities by comparing rental costs with buying costs for similar properties, based on number of bedrooms, location and price per square foot. Price-to-earnings, or P/E, expresses how much one has to pay for each dollar of return. A neighborhood with a high P/E is overvalued because a buyer is getting a low return based on costs--and paying a huge premium to live in area relative to how much it would cost to rent a similar property there. In TriBeCa, for example, which is No. 1 on our list, the P/E of the measured property is 36.3.See? Simple. (And this will be on the midterm.) By the way, what neighborhood is No. 2 on the list? Boston's Chinatown, 02111. It's always nice to beat Boston at something. ?EV Grieve
America's Most Overpriced ZIP Codes [Forbes.com]