Seattle is the most overpriced city in America in 2004, according to Forbes Magazine.

The magazine has released its third annual list of the most overpriced places -- a list of cities with the highest cost of living, least affordable housing and most modest job and income growth.

Last year, Seattle was no. 10 on the list. San Jose, Calif., which took the top spot in 2003, is no. 6 this year.

There are a few places that have made the most overpriced cities list each year -- including San Jose, Calif., and Bergen-Passaic, N.J. -- but there are also a few newcomers to the 2004 list.

Portland, Ore., for example, has a diverse business base, but it also has high unemployment and meager job growth; and while the cost of living isn't as high as places like San Francisco, Portland's median home price is $25,000 above the national median.

Most Overpriced Places 2004
City	Median Home Price
Seattle	$282,500
Bergen-Passaic, N.J.	$379,400
Miami	$254,900
Portland, Ore.	$195,100
Middlesex, N.J.	$322,700
San Jose, Calif.	$585,000
San Francisco	$597,300
Chicago	$228,100
New York	$369,700
Jersey City, N.J.	Not Available
Source: Forbes.com