Price was born in Seattle, Washington and is half Jewish though she was raised Mormon. While in high school, she produced and wrote a play "Here Comes the Sun" earning her a spot on "USATODAY's Top 20 High School Students." Named a National Scholar, she was a finalist for the National Merit Semi-Finalists. Price graduated from Norman High School in Oklahoma.
After graduation, Price attended Stanford University, where she studied economics and communication. While in college, Price continued to act in school productions as well as a conservatory theater in San Francisco.
Upon graduating, she went into the field of finance, but after a short while she dropped out and pursued acting.
Her first major role was starring in the series Common Law with Greg Giraldo. Other notable roles include playing Gale Ingersoll in LateLine and Claudia Finnerty in Grounded for Life. She is currently starring alongside Patrick Warburton and David Spade in Rules of Engagement.
Price currently resides in the San Fernando Valley area in California with her husband Eddie, an ER doctor and her high school sweetheart. She and her husband had a baby girl, Grace, on July 13, 2007.