Average Income in Irvine

[traceimage]

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.

 

[villiagepeople]

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.

 

[irvinehomeshopper]

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.

 

[irvinehomeowner]

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

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

 

[irvinehomeshopper]

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.

 

[irvinehomeowner]

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.

 

[IndieDev]

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?

 

[irvinehomeowner]

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.

 

[villiagepeople]

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.

 

[IndieDev]

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.

 

[IndieDev]

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.

Seriously IHO, you must have moved into Irvine during the bubble because your point makes absolutely no sense if you take into account what the median or starter house was in 1995 and what it is in 2011 in Irvine.

I know what those homes were in 1995 because I was actually around Irvine during that time. Back then, you could buy a NEW detached 4 bedroom house, 2000sqft home in parts of Westpark near the median Irvine home price (which was around $230,000).

The median sold price for a home in Irvine in today is around $480,000. What kind of TIC home does that buy you? Maybe 3 bedrooms and 1 or 2 attached walls.

 

[irvinehomeshopper]

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.

I would like a steering wheel in my Civic. I heard the Irvine Pacific Design Center does a good installation.

I suggest not getting the door mat with lettering on it. After you trim the mat to fit the top half of "welcome" would be gone. The ones with horizontal grues are the best where you can trim off at a 1/2 inch increment.

 

[usctrojancpa]

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.

I kinda like the new Civic Si....might pick it up as a daily driver if I ever do pick up that 997 GT3 I keep drooling over.  I get the whole premium price for an Irvine home, but it's what TIC is offering that kinda irks me.  All they keep pumping out is attached condos and detached condos on motorcourts with no driveways....give me a break already.  How about build some traditional SFRs with driveways and keep the prices between $600k-$700k?  >

 

[irvinehomeshopper]

In 1995 $150k was a townhome of a Greystone triplex in Northwood Pointe. In 2010 a unit of the Monterey Triplex in Woodbury East was $550k. It was a 366% inflation. Your figures are way off! What was $150k back then is not $300k today.

$150k was also a Brindisi single story detached resale in Westpark. Try finding a single story detached home at $300k today!

 

[irvinehomeowner]

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.

Seriously IHO, you must have moved into Irvine during the bubble because your point makes absolutely no sense if you take into account what the median or starter house was in 1995 and what it is in 2011 in Irvine.

You forget I was shopping Irvine in the mid 90s.... the same houses then (I'm talking resale) 2/1 or 2/2 SFRs are at the price points I just mentioned. There were no NEW starter SFRs back then... it was just condos/townhomes.

I know what those homes were in 1995 because I was actually around Irvine during that time. Back then, you could buy a NEW detached 4 bedroom house, 2000sqft home in parts of Westpark near the median Irvine home price (which was around $230,000).

The median sold price for a home in Irvine in today is around $480,000. What kind of TIC home does that buy you? Maybe 3 bedrooms and 1 or 2 attached walls.

I think you're proving my point... homes are roughly double and some salaries are roughly double... the cost to borrow is almost half. So for some people, it's just as affordable now as it was back then.

And at least now, you can get detached condos for around $300k+... those didn't really exist in the mid 90s... you were looking at at least attached on one wall for $150k.

Now if you're talking new... that might be a different story... but... again...for certain salaries, the numbers can work.

I only know this because a friend of mine bought a home for low $300k, and he is in the same type of job as I was back the mid 90s. He could have bought a bigger home elsewhere for that price but chose to stay in Irvine (and doesn't drive a Civic).

 

[irvinehomeowner]

In 1995 $150k was a townhome of a Greystone triplex in Northwood Pointe. In 2010 a unit of the Monterey Triplex in Woodbury East was $550k. It was a 366% inflation. Your figures are way off! What was $150k back then is not $300k today.

If I'm not mistaken, haven't there been some attached homes for the low $300ks?

$150k was also a Brindisi single story detached resale in Westpark. Try finding a single story detached home at $300k today!

Check out Orangetree or The Willows.

 

[IndieDev]

I think you're proving my point... homes are roughly double and some salaries are roughly double... the cost to borrow is almost half.

Leave it to IHO to completely miss the point of housing mix and type even when it's spelled out for him.

 

[irvinehomeshopper]

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

 

[IndieDev]

In 1995 $150k was a townhome of a Greystone triplex in Northwood Pointe. In 2010 a unit of the Monterey Triplex in Woodbury East was $550k. It was a 366% inflation. Your figures are way off! What was $150k back then is not $300k today.

$150k was also a Brindisi single story detached resale in Westpark. Try finding a single story detached home at $300k today!

Exactly. I know I'm not taking crazy pills here. I may be an older man, but I've been living in Irvine long enough to know that prices weren't always this crazy even taking into account interest rates, and inflation. I remember when Irvine starter homes and those at the "median" were actually decent offerings.

Do you remember the detatched homes in Westpark built in 1994-1995? Some of them were on Motorcourts on the corner of Warner and Culver. They were pretty big, 2,000 sqft, 4 bedrooms, and even though they didn't have driveways, they did have decent backyards (not TIC 10 feet from the fence yards). I remember those selling in the 230,000s to 250,000s.

You can't even sniff a 4 bedroom detached in Irvine for $500,000 in 2011.

 

[irvinehomeshopper]

In Santa Rosa Woodbury East there is a 1 br condo plan with a single car garage at about $350k. A similar one bedroom/one car plan in Oakcreek was $100k-120K in 1995.

In 1995 $150k was a townhome of a Greystone triplex in Northwood Pointe. In 2010 a unit of the Monterey Triplex in Woodbury East was $550k. It was a 366% inflation. Your figures are way off! What was $150k back then is not $300k today.

If I'm not mistaken, haven't there been some attached homes for the low $300ks?

$150k was also a Brindisi single story detached resale in Westpark. Try finding a single story detached home at $300k today!

Check out Orangetree or The Willows.