Could Irvine turn into the Beverly Hills of Orange County?

NEW -> Contingent Buyer Assistance Program
[quote author="ABC123" date=1242908402][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


huh? mid six figures and you feel poor? what are we talking about, $555,555? that's six figures right? and you have no debt? no student loans? no mortgage? no car payments? and you feel poor? Wow. I don't know what to say.</blockquote>


I thought of the same. I added up my expenses. Even with 100k, I still have some left over for savings. What is he spending on?
 
[quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I make that much money when I fresh came out of college.
 
[quote author="usctrojanman29" date=1242907314][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>
Making low $100k doesn't go as far as most people would think....taxes, gas, rent, taxes, food, clothing, taxes, utilities, student loans, taxes...*sigh*</blockquote>


I guess this is all relative. Someone could say they made $1mil and it doesn't go as far as you think. People spend money buying BMWs, Mercedes, LV bags, wine and dine, multiple Plasma TVs, toys, expensive trips, eventually things will catch up. Live within your means, think about the future, my friends.
 
[quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." They make "middle 6 figure income". I guess that would be $150k annually minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?
 
[quote author="tmare" date=1242904542]Please stop........this thread is making me crazy.</blockquote>


Seriously tmare and madonna....if it is driving you so crazy then don't read it. These are valid questions being asked here, by people who are actually wanting to buy a home in Irvine. Nobody is arguing with you that we think prices SHOULD fall, and we WANT them to fall. The problem is, many of us really want to live in Irvine, and have been waiting for a very long time for this big event to happen which is going to drop prices in Irvine to 3.5 times income fundamentals. Four years I have been waiting for this event to happen --- and in four years prices are down, what, 10-15%? BFD. Hell, my sister has a townhouse in the dull suburbs of Minneapolis that is down 10%. You want to see the money --- we want to see it too. We are sitting here watching places like Santa Ana, the IE, Ladera (I could go on and on) drop 30%, 50%, even 75% ---- but where are the drops in Irvine?? Can you blame people who actually want to buy in this city for asking the question, and trying to figure out an explanation (logical or not) for why Irvine is holding so well?



You say "show me the income". Maybe it can't be explained. We know people who own two homes in Irvine. The first one currently zillow's at $680k --- they paid $330k new, and now owe $415k on it. They took out $80k or so in equity. They bought a bigger house for $900k last year, and rent the first. They have one income, and 3(!) kids at home. They have a full time live in nanny. He has a good job as an engineer, but that's $200k/yr max. So I know you are smugly thinking "well, they must owe at least $820k with a neg am loan on the 2nd home, and are just about to get a NOD". Nope. Their mortgage on the 2nd home is only $350k. So tell me please where in the hell did they get that extra $470k down on their new house? Seriously, where? Oh, and I've verified these mortgage amounts through our helpful IHB RE agents.



How many more like them are out there? So please forgive us for trying to figure out where these great drops are.
 
[quote author="CK" date=1242914649][quote author="tmare" date=1242904542]Please stop........this thread is making me crazy.</blockquote>


Seriously tmare and madonna....if it is driving you so crazy then don't read it. These are valid questions being asked here, by people who are actually wanting to buy a home in Irvine. Nobody is arguing with you that we think prices SHOULD fall, and we WANT them to fall. The problem is, many of us really want to live in Irvine, and have been waiting for a very long time for this big event to happen which is going to drop prices in Irvine to 3.5 times income fundamentals. Four years I have been waiting for this event to happen --- and in four years prices are down, what, 10-15%? BFD. Hell, my sister has a townhouse in the dull suburbs of Minneapolis that is down 10%. You want to see the money --- we want to see it too. We are sitting here watching places like Santa Ana, the IE, Ladera (I could go on and on) drop 30%, 50%, even 75% ---- but where are the drops in Irvine?? Can you blame people who actually want to buy in this city for asking the question, and trying to figure out an explanation (logical or not) for why Irvine is holding so well?



You say "show me the income". Maybe it can't be explained. We know people who own two homes in Irvine. The first one currently zillow's at $680k --- they paid $330k new, and now owe $415k on it. They took out $80k or so in equity. They bought a bigger house for $900k last year, and rent the first. They have one income, and 3(!) kids at home. They have a full time live in nanny. He has a good job as an engineer, but that's $200k/yr max. So I know you are smugly thinking "well, they must owe at least $820k with a neg am loan on the 2nd home, and are just about to get a NOD". Nope. Their mortgage on the 2nd home is only $350k. So tell me please where in the hell did they get that extra $470k down on their new house? Seriously, where? Oh, and I've verified these mortgage amounts through our helpful IHB RE agents.



How many more like them are out there? So please forgive us for trying to figure out where these great drops are.</blockquote>


You're right. Why is it that a 2000 sq. ft SFR with a huge lot in Corona is going for $300k. Yet, for the same 300k, I can't even buy a lousy 1400 sq. ft. old stucco "shoebox" condo in Irvine.



Do buyers in Irvine not understand about the fundamentals? Do they not grasp 'rental parity'? Do they not know about the various housing formula and numbers?
 
[quote author="stepping_up" date=1242871101]Doesn't Singapore have signs banning it from the streets as well?</blockquote>


yes, it's pretty sad what hotels would do to please tourist.... you want to taste south east asia? SEA has the some of the most sensual and tactile fruits in the world, let alone the taste... like heaven... come to where the flavor is.... the durian....
 
[quote author="CK" date=1242914649][quote author="tmare" date=1242904542]Please stop........this thread is making me crazy.</blockquote>


Seriously tmare and madonna....if it is driving you so crazy then don't read it. These are valid questions being asked here, by people who are actually wanting to buy a home in Irvine. Nobody is arguing with you that we think prices SHOULD fall, and we WANT them to fall. The problem is, many of us really want to live in Irvine, and have been waiting for a very long time for this big event to happen which is going to drop prices in Irvine to 3.5 times income fundamentals. Four years I have been waiting for this event to happen --- and in four years prices are down, what, 10-15%? BFD. Hell, my sister has a townhouse in the dull suburbs of Minneapolis that is down 10%. You want to see the money --- we want to see it too. We are sitting here watching places like Santa Ana, the IE, Ladera (I could go on and on) drop 30%, 50%, even 75% ---- but where are the drops in Irvine?? Can you blame people who actually want to buy in this city for asking the question, and trying to figure out an explanation (logical or not) for why Irvine is holding so well?



You say "show me the income". Maybe it can't be explained. We know people who own two homes in Irvine. The first one currently zillow's at $680k --- they paid $330k new, and now owe $415k on it. They took out $80k or so in equity. They bought a bigger house for $900k last year, and rent the first. They have one income, and 3(!) kids at home. They have a full time live in nanny. He has a good job as an engineer, but that's $200k/yr max. So I know you are smugly thinking "well, they must owe at least $820k with a neg am loan on the 2nd home, and are just about to get a NOD". Nope. Their mortgage on the 2nd home is only $350k. So tell me please where in the hell did they get that extra $470k down on their new house? Seriously, where? Oh, and I've verified these mortgage amounts through our helpful IHB RE agents.



How many more like them are out there? So please forgive us for trying to figure out where these great drops are.</blockquote>


It sounds like someone has the case of IPOitis, a fatal disease caused by the occasional dose of Kool-Aid in temporary stats. While I admire your ability to hold out in renting until 2010, and I think it is a very good choice, because there are currently 696 people in foreclosure in Irvine and you will get a better deal. That means some have dropped off because they got out of it, or they have been REO for so long that FR no longer includes it in their numbers. Remember, it has only dropped from 698 to 696 since the last time I have posted this, and the green just keeps increasing. And... I cut off the southern part of Irvine since "west/north" Irvine is where you really want to live.



http://i43.tinypic.com/2nqv89l.jpg
 
[quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.
 
Graphrix,



Lets say there are 1000 foreclosed homes in Irvine. In percentage, is it 10% of the total Irvine housing market? Just want to get a grasp of the severity. Thanks!
 
[quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. What is "middle 6 figure income"? Cause 6 figure is anything above $100,000? Wait a minute. You mean he and his wife is making $500k?
 
[quote author="reason" date=1242916705][quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. <strong>What is "middle 6 figure income"? </strong>Cause 6 figure is anything above $100,000?</blockquote>


Well, the lowest 6 figure income is $100K, and the highest 6 figure income is around $999,999. A reasonable mid-range would be about $550K.
 
[quote author="swkin" date=1242916055][quote author="stepping_up" date=1242871101]Doesn't Singapore have signs banning it from the streets as well?</blockquote>


yes, it's pretty sad what hotels would do to please tourist.... you want to taste south east asia? SEA has the some of the most sensual and tactile fruits in the world, let alone the taste... like heaven... come to where the flavor is.... the durian....</blockquote>


You sound like you're a durian wholesaler/distributor. :-)
 
[quote author="Sunshine" date=1242917355][quote author="reason" date=1242916705][quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. <strong>What is "middle 6 figure income"? </strong>Cause 6 figure is anything above $100,000?</blockquote>


Well, the lowest 6 figure income is $100K, and the highest 6 figure income is around $999,999. A reasonable mid-range would be about $550K.</blockquote>


What the?!! He and his wife make 500k and yet is poor?!! Even with my low calculation of his income. He still has money left over. Hmm..
 
[quote author="reason" date=1242917630][quote author="Sunshine" date=1242917355][quote author="reason" date=1242916705][quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. <strong>What is "middle 6 figure income"? </strong>Cause 6 figure is anything above $100,000?</blockquote>


Well, the lowest 6 figure income is $100K, and the highest 6 figure income is around $999,999. A reasonable mid-range would be about $550K.</blockquote>


What the?!! He and his wife make 500k and yet is poor?!! Even with my low calculation of his income. He still has money left over. Hmm..</blockquote>


Thanks for the clarification. But for a couple just 1 yr out of college. It didn't occur to me that they can possibly make $500k.
 
[quote author="reason" date=1242916589]Graphrix,



Lets say there are 1000 foreclosed homes in Irvine. In percentage, is it 10% of the total Irvine housing market? Just want to get a grasp of the severity. Thanks!</blockquote>


Too tired to get back to you on that tonight, but I will, with a comparison to other areas.
 
[quote author="reason" date=1242917905][quote author="reason" date=1242917630][quote author="Sunshine" date=1242917355][quote author="reason" date=1242916705][quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. <strong>What is "middle 6 figure income"? </strong>Cause 6 figure is anything above $100,000?</blockquote>


Well, the lowest 6 figure income is $100K, and the highest 6 figure income is around $999,999. A reasonable mid-range would be about $550K.</blockquote>


What the?!! He and his wife make 500k and yet is poor?!! Even with my low calculation of his income. He still has money left over. Hmm..</blockquote>


Thanks for the clarification. But for a couple just 1 yr out of college. It didn't occur to me that they can possibly make $500k.</blockquote>


I assumed he probably meant between $100K and $200K, and I also assumed it was their total household income. If he really did mean around $550K, then I'm very curious what the hell they do for a living, and why he feels poor.
 
[quote author="Sunshine" date=1242918462][quote author="reason" date=1242917905][quote author="reason" date=1242917630][quote author="Sunshine" date=1242917355][quote author="reason" date=1242916705][quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. <strong>What is "middle 6 figure income"? </strong>Cause 6 figure is anything above $100,000?</blockquote>


Well, the lowest 6 figure income is $100K, and the highest 6 figure income is around $999,999. A reasonable mid-range would be about $550K.</blockquote>


What the?!! He and his wife make 500k and yet is poor?!! Even with my low calculation of his income. He still has money left over. Hmm..</blockquote>


Thanks for the clarification. But for a couple just 1 yr out of college. It didn't occur to me that they can possibly make $500k.</blockquote>


I assumed he probably meant between $100K and $200K, and I also assumed it was their total household income. If he really did mean around $550K, then I'm very curious what the hell they do for a living, and why he feels poor.</blockquote>


That's what I thought, also. Even though he said "middle 6 figure". I automatically assumed 150k, which is a possibility. But 500k is unlikely. Either way, the numbers are not adding up. Hey, I have to wake up early. Night!
 
[quote author="reason" date=1242918744][quote author="Sunshine" date=1242918462][quote author="reason" date=1242917905][quote author="reason" date=1242917630][quote author="Sunshine" date=1242917355][quote author="reason" date=1242916705][quote author="Sunshine" date=1242916545][quote author="reason" date=1242913335][quote author="Look4house" date=1242912078][quote author="thedude" date=1242903716]Desire will never equal affordability. If the average household income for Irvine really is 90-100K then what you see MUST be over priced. My wife and I are fresh out of college for 1 year and we make a middle 6 figure income with no debt. School, cars, and Coach handbags are paid for. I feel poor renting a one bedroom apartment in Irvine around the QH / TR area. Where are people getting the money to afford the the homes, let alone the LV and a Lambo? If you can point to something that is real, tangible, and factual I'll believe it. Show me the money! I'm not going to believe in the mythology of rich Asians, wealthy ancestors, law degrees, and a Ben Franklin printing press powered by unicorn farts! I do believe in insane financial products inflating a bubble designed and engineered to maximize the profits and benefits for the people at the top in a short sighted dash for personal wealth and self gratification.</blockquote>


1 year out of college with a household income in the 6 figures, no debt and you feel poor? Please sell your Ferrari, go back to school and take Finance 101. No offense, I wish I made that much money when I fresh came out of college.</blockquote>


Lets see. "Thedude" has no debts. "School, cars, and Coach handbags are paid for." <strong>They make "middle 6 figure income". I guess that would be $150k annually</strong> minus income taxes = approx. $70k annually = $5600/mo. He and his wife rent a 1 bdrm in QH/TR which comes out to be $2000/mo. with utilities. The only other expenses I can think for them would be gasoline, groceries, auto insur. and going out on the weekends. That's another $1000/mo. (splurging here).



Take home is $5600/mo. - $2000 rent/utilities - $1000 miscellaneous = $2600 left over.



Huh?! I keep thinking maybe he has car payments. But that's paid for. And there's no student loans. No debts. Could it be too much money spent on alcohol?....alimony?...child support?</blockquote>


"Middle 6 figure income" is not $150k.</blockquote>


Yeah, I was confused with that. <strong>What is "middle 6 figure income"? </strong>Cause 6 figure is anything above $100,000?</blockquote>


Well, the lowest 6 figure income is $100K, and the highest 6 figure income is around $999,999. A reasonable mid-range would be about $550K.</blockquote>


What the?!! He and his wife make 500k and yet is poor?!! Even with my low calculation of his income. He still has money left over. Hmm..</blockquote>


Thanks for the clarification. But for a couple just 1 yr out of college. It didn't occur to me that they can possibly make $500k.</blockquote>


I assumed he probably meant between $100K and $200K, and I also assumed it was their total household income. If he really did mean around $550K, then I'm very curious what the hell they do for a living, and why he feels poor.</blockquote>


That's what I thought, also. Even though he said "middle 6 figure". I automatically assumed 150k, which is a possibility. But 500k is unlikely. Either way, the numbers are not adding up. Hey, I have to wake up early. Night!</blockquote>


You and me both!
 
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