Poll

What do you think the average *real* income in Irvine is?

Less than $100k
9 (15%)
$100k
17 (28.3%)
$200k
28 (46.7%)
$300k
2 (3.3%)
More than $300k
4 (6.7%)

Total Members Voted: 60

Author Topic: Average Income in Irvine  (Read 87155 times)

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Offline irvinehomeowner

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Re: Average Income in Irvine
« Reply #15 on: December 13, 2011, 12:25:42 PM »
my wife and i will likely take our talents to lake forest.
Heehee... +1 on the Bron reference.
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Offline roundcorners

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Re: Average Income in Irvine
« Reply #16 on: December 13, 2011, 12:59:21 PM »
from my experience, most Irvine families are still strapped to almost the max... not much retirement savings or savings in general...  almost month to month for those who are still holding from buying during the highs... not much vacation, not much extra spending cash for dinners out, for Christmas or gadgets...

the equity comes from previous sales of starter homes, parents and some savings... mostly dual or one & half earners... and the wife almost always want to stay home full time... hubby income is average or above average at best, and most do get on-going parental help...

most families I know are still house poor but lookin' rich at it and some families will still dump EVERYTHING they have into a house just to "make it"...

then there are some who are doing quite well during the recession, some who bust their hump and loosing out on family time to get that promo... there is a reason why no one is hiring because companies have figure out how to get A LOT more out of workers... but I imagine some would burn out in 2012... there are a few guys, I'm really concern about...

BTW... great article on NPR this morning... the GREAT Chinese Real Estate Bubble is Bursting!!!

So... FCB $$ might just run out of $$ in 2012... or we'll see a final push in Q1 then... we might finally see a substantial drop in prices that some of us have been waiting for since 07...!
« Last Edit: December 13, 2011, 01:02:35 PM by roundcorners »
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Offline IndieDev

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Re: Average Income in Irvine
« Reply #17 on: December 13, 2011, 02:48:04 PM »

I think for someone to be comfortable where they could save money, pay for expenses, and comfortably afford an $850K house (w only 20% down), combined income of $250-300K would be about right.   If you have two working professionals, I don't think that is an absurd amount by any means.   The media has dubbed these couples HENRYs (high earners, not rich yet).   

the absurd part is the kind of house 850K gets you in irvine; my wife and i will likely take our talents to lake forest.

Completely agree.

I look at young couples today and feel a bit of pity. How are these guys going to make it in the new bubble economy when they can barely afford a $500,000 "starter" home. $500,000 during the mid-90s bought you a nice 3 car garage, 2,000+ sqft home in Turtle Rock with a pool. I doubt you can find one that isn't trashed for under $1,000,000 right now in this depressed economy. Something is going to give in 2012, and all the right ingredients are there.
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
"690k... 20% down 4.25 int rate .36 dti and you need a salary of $ 90,500" - VillagePeople
"People are paying for something else, and labeling it "good schools". - PatStar

Offline villagepeople

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Re: Average Income in Irvine
« Reply #18 on: December 13, 2011, 03:19:20 PM »

I think for someone to be comfortable where they could save money, pay for expenses, and comfortably afford an $850K house (w only 20% down), combined income of $250-300K would be about right.   If you have two working professionals, I don't think that is an absurd amount by any means.   The media has dubbed these couples HENRYs (high earners, not rich yet).   

the absurd part is the kind of house 850K gets you in irvine; my wife and i will likely take our talents to lake forest.

Completely agree.

I look at young couples today and feel a bit of pity. How are these guys going to make it in the new bubble economy when they can barely afford a $500,000 "starter" home. $500,000 during the mid-90s bought you a nice 3 car garage, 2,000+ sqft home in Turtle Rock with a pool. I doubt you can find one that isn't trashed for under $1,000,000 right now in this depressed economy. Something is going to give in 2012, and all the right ingredients are there.

1995 was 16 years ago... stop living in the past.

it's all relative old man... when i first started driving in 1995 a gallon of gas was what... $1.25? 

i was still in high school and could care less about the price of a house so i don't know for sure, but i'd bet you that in 1995 people where complaining how a house in the 1979 only cost xxx amount of dollars.

Offline IndieDev

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Re: Average Income in Irvine
« Reply #19 on: December 13, 2011, 03:36:30 PM »

I think for someone to be comfortable where they could save money, pay for expenses, and comfortably afford an $850K house (w only 20% down), combined income of $250-300K would be about right.   If you have two working professionals, I don't think that is an absurd amount by any means.   The media has dubbed these couples HENRYs (high earners, not rich yet).   

the absurd part is the kind of house 850K gets you in irvine; my wife and i will likely take our talents to lake forest.

Completely agree.

I look at young couples today and feel a bit of pity. How are these guys going to make it in the new bubble economy when they can barely afford a $500,000 "starter" home. $500,000 during the mid-90s bought you a nice 3 car garage, 2,000+ sqft home in Turtle Rock with a pool. I doubt you can find one that isn't trashed for under $1,000,000 right now in this depressed economy. Something is going to give in 2012, and all the right ingredients are there.

1995 was 16 years ago... stop living in the past.

it's all relative old man... when i first started driving in 1995 a gallon of gas was what... $1.25? 

i was still in high school and could care less about the price of a house so i don't know for sure, but i'd bet you that in 1995 people where complaining how a house in the 1979 only cost xxx amount of dollars.

When you were in high school did you ever think you would end up spending $500,000+ for the crapbox you bought from TIC?
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
"690k... 20% down 4.25 int rate .36 dti and you need a salary of $ 90,500" - VillagePeople
"People are paying for something else, and labeling it "good schools". - PatStar

Offline traceimage

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Re: Average Income in Irvine
« Reply #20 on: December 13, 2011, 03:44:39 PM »
Or live on a Ramen diet. Why do you think Marachan headquarter and production are located in Irvine?

Maruchan is so bad. You have to go with real Cup O Noodles. I like those little dried up corns and teeny tiny shrimp in the shrimp flavor.

Offline villagepeople

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Re: Average Income in Irvine
« Reply #21 on: December 13, 2011, 03:47:04 PM »

I think for someone to be comfortable where they could save money, pay for expenses, and comfortably afford an $850K house (w only 20% down), combined income of $250-300K would be about right.   If you have two working professionals, I don't think that is an absurd amount by any means.   The media has dubbed these couples HENRYs (high earners, not rich yet).   

the absurd part is the kind of house 850K gets you in irvine; my wife and i will likely take our talents to lake forest.

Completely agree.

I look at young couples today and feel a bit of pity. How are these guys going to make it in the new bubble economy when they can barely afford a $500,000 "starter" home. $500,000 during the mid-90s bought you a nice 3 car garage, 2,000+ sqft home in Turtle Rock with a pool. I doubt you can find one that isn't trashed for under $1,000,000 right now in this depressed economy. Something is going to give in 2012, and all the right ingredients are there.

1995 was 16 years ago... stop living in the past.

it's all relative old man... when i first started driving in 1995 a gallon of gas was what... $1.25? 

i was still in high school and could care less about the price of a house so i don't know for sure, but i'd bet you that in 1995 people where complaining how a house in the 1979 only cost xxx amount of dollars.

When you were in high school did you ever think you would end up spending $500,000+ for the crapbox you bought from TIC?

no but i also didn't expect to make the kind of money i make either... not until i started applying for college did i know where irvine was... (and i only lived 40 miles away). 

1) people's income have increased
2) the population/desirability of Irvine has increased

so why should home prices in Irvine stay the same?  you have no argument from me if you say houses were in a bubble and it popped, i'm not arguing that... you can even argue that home prices now are inflated now, no one knows what can happen in the future... but to constantly talk about how prices where way back when... well, you just sound like a grumpy old man.

Offline irvinehomeshopper

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Re: Average Income in Irvine
« Reply #22 on: December 13, 2011, 04:03:20 PM »
He has a point there. Back in 1995 a 3CWG with a 25' deep yard was $500k. 17 years later during a recession the same house with 17 years of wear and tear is over $ 1m. I can't even imagine what a brand new home with a 3CWG with a 25' deep yard would cost. I gather factoring in the Unicorn coefficient It would be somewhere in the $1.3m.

Now lets compare salary for a recent graduate. Back in 1995 it was about $45k Do you think a recent graduate makes $117k? If not then Irvine home price has out paced salary inflation.

... but to constantly talk about how prices where way back when... well, you just sound like a grumpy old man.

"I can only imagine at a house warming party what a total embarrassment it would be to tell the guests that there is no tour because there is no more house to show you because you are standing in the only room in the house. "

Offline irvinehomeowner

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Re: Average Income in Irvine
« Reply #23 on: December 13, 2011, 04:42:14 PM »
But does $45k buy you a $500k house?

You can't use a college graduate salary on a second/move-up home price point.

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Offline irvinehomeshopper

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Re: Average Income in Irvine
« Reply #24 on: December 13, 2011, 05:14:28 PM »
Then substitute a mid management salary. I only used the entry level because it is easier to relate. It does not matter which one I use. Irvine prices appreciated 260% while salaries have not.

But does $45k buy you a $500k house?

You can't use a college graduate salary on a second/move-up home price point.


"I can only imagine at a house warming party what a total embarrassment it would be to tell the guests that there is no tour because there is no more house to show you because you are standing in the only room in the house. "

Offline irvinehomeowner

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Re: Average Income in Irvine
« Reply #25 on: December 13, 2011, 05:25:12 PM »
Well... not sure what industry everyone is in... but I think mid-management back then in certain fields was around $50-$60k... mid-management now is probably low $100ks... interest rate was 8%, now it's 4%.

I actually think $45k as a starting salary might be high depending on the field... back in 1995, you're probably looking at $30-$35k.

A "starter" home in Irvine during that time was around $150k... so now it's about $300k... so it's not that far off esp if you consider the lower cost to borrow.

One thing I've seen... higher unemployment and less jobs seems to translate to higher pay for people who are experienced and good at their job... which is why I think income is higher for certain fields.

I read this in an article about sisters starting up a restaurant: Everyone wants a job, but not everyone wants to work.
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Offline IndieDev

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Re: Average Income in Irvine
« Reply #26 on: December 13, 2011, 05:28:00 PM »
Then substitute a mid management salary. I only used the entry level because it is easier to relate. It does not matter which one I use. Irvine prices appreciated 260% while salaries have not.

But does $45k buy you a $500k house?

You can't use a college graduate salary on a second/move-up home price point.



Exactly.

In real dollars, $500,000 in 1995 is the equivalent of about $720,000 in 2011.

Anyone see any $720,000 Turtle Rock homes with a swimming pool, and 3 car garage lately?
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
"690k... 20% down 4.25 int rate .36 dti and you need a salary of $ 90,500" - VillagePeople
"People are paying for something else, and labeling it "good schools". - PatStar

Offline irvinehomeowner

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Re: Average Income in Irvine
« Reply #27 on: December 13, 2011, 05:31:43 PM »
Just to clarify, Irvine prices *are* more accelerated than wages/inflation... but for certain wages/fields... it may not be that far off.

PStar could probably buy a nice Irvine (or Tustin Ranch) home with his income but chose a better location/lot/floorplan.
Once you go 3-car garage... your junk can never go back.
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Offline villagepeople

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Re: Average Income in Irvine
« Reply #28 on: December 13, 2011, 05:35:35 PM »
Then substitute a mid management salary. I only used the entry level because it is easier to relate. It does not matter which one I use. Irvine prices appreciated 260% while salaries have not.


again.. not saying that home prices are the "bargain" they were in 1995... and simply going off of salaries ignores my comment on the increased population and desirability factor.  but let's assume all else being equal... you still have to factor in what mortgage rates where in 95 (i'm assuming a lot higher than they are now)... and the fact that mortgages are given based on a percentage of your income... therefore you don't need to make 2.6x the income to qualify for 2.6x the price of a house.
« Last Edit: December 13, 2011, 05:44:41 PM by villagepeople »

Offline IndieDev

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Re: Average Income in Irvine
« Reply #29 on: December 13, 2011, 05:39:07 PM »
Then substitute a mid management salary. I only used the entry level because it is easier to relate. It does not matter which one I use. Irvine prices appreciated 260% while salaries have not.


I make 6 times what I did in 1995. And I left Irvine because I would have had to buy a TIC crapbox.  How can you entertain/impress business contacts in something like that?  It's like picking up a client at the airport in your Civic.  And if you live in Stonegate East, it's like picking them up in your Civic with a bunch of empty McDonald's bags all over the floor.

Hey now, let's not trash Civics that badly, at least when you buy a Civic you get a complete car. It comes with 4 tires, an engine, a transmission, and most of the time you get a radio and air conditioner. Also, when you buy a Civic, you're paying "Civic" prices for a car.

When you buy a "home" from TIC, you have to pay a premium to get a backyard, and if you want that 2 car driveway? Well that's extra too. Have $500,000? Hope you don't mind that your front door is going to be 18 inches from a motor court. Is that even enough room to put a decent welcome mat? The worst part about it is you're paying "Bentley" prices for Civic quality homes. Well, if brand new Civics didn't come with all four tires, and any doors.

No, I don't see anything wrong with this picture.
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
"690k... 20% down 4.25 int rate .36 dti and you need a salary of $ 90,500" - VillagePeople
"People are paying for something else, and labeling it "good schools". - PatStar

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