It depends on what you mean by 'overpriced'. Most people are talking about housing unaffordability which is not limited to trendy places. The house I rented in Kansas City Missouri in 2009 for $900 was bought by the owners in 2007 for $120k. Zillow estimates that same home would rent for $1800 a month and is valued at $269k. KCMO is not trendy or even a desirable place to live.