Latest Irvine Census figures

NEW -> Contingent Buyer Assistance Program
A

ABC123_IHB

New member
<a href="http://www.ocregister.com/articles/income-education-housing-2250979-race-employment">from the OC register</a>



Over 45% of the population makes over $100,000

Median household income $91,101

37% Asian

14% employed in Finance and insurance, and real estate and rental and leasing

63% bachelor degree or higher

33% foreign born







<em>edited to fix Median household income</em>
 
I also thought it was interesting that there were 105 homes (0.2 %) in Irvine without complete plumbing and 338 homes (0.2%) without complete kitchens. I can't live without high speed internet let alone no toilet and fridge.
 
SELECTED MONTHLY OWNER COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME





Less than 20.0 percent 7,940 - 21.00%

20.0 to 24.9 percent 4,841 - 12.80%

25.0 to 29.9 percent 4,509 - 11.90%

30.0 to 34.9 percent 2,819 - 7.50%

35.0 percent or more 11,841 - <strong> 31.40% </strong>



question is how many of these will be adjusting in the near future?



GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME



Less than 15.0 percent 2,443 - 8.70%

15.0 to 19.9 percent 3,897 - 13.80%

20.0 to 24.9 percent 3,804 - 13.50%

25.0 to 29.9 percent 3,218 - 11.40%

30.0 to 34.9 percent 2,275 - 8.10%

35.0 percent or more 10,565 - 37.40%



edit: thanks for catching error roo
 
The numbers apply just to Irvine? If I'm reading it right, it says that the mean (not median) household (not individual) income is $111,633. The median is $91,101, so half of all households make more, half make less. 38% of the population live in a rented home. Over 37% of renter-households pay over 35% of their household income toward the rent. Ouch!



The census people need to adjust their category values. The highest mortgage/costs bracket is $2000 or more/month and the highest rent bracket is $1500 or more/month. Over 65% of the population fall into these catch-all categories (duh!).
 
that page linked is for irvine.



here is the county stuff



<a href="http://www.ocregister.com/articles/census-orange-county-2250861-population-median">http://www.ocregister.com/articles/census-orange-county-2250861-population-median</a>



and yes, I believe the ABC was lookin at mean, not median. Median is still in the 90k.



For anyone interested, I attached a little spreadsheet with some rough numbers using census data I dug up a few months back.
<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/202_joQnVw0agLwDq4yqCrRK.pdf" target="_blank" class="gc-files">IncomevsPrices.pdf</a> <span class="gc-filesize">(24 B)</span> </fieldset>
 
[quote author="Daedalus" date=1228888923]The numbers apply just to Irvine? If I'm reading it right, it says that the mean (not median) household (not individual) income is $111,633. The median is $91,101, so half of all households make more, half make less. 38% of the population live in a rented home. Over 37% of renter-households pay over 35% of their household income toward the rent. Ouch!



The census people need to adjust their category values. The highest mortgage/costs bracket is $2000 or more/month and the highest rent bracket is $1500 or more/month. Over 65% of the population fall into these catch-all categories (duh!).</blockquote>


38% live in rental and 37.4% of those spend more than 35% of gross PLUS

62 % live in owned homes and 31.4% of those spend more than 35% of gross, so a TOTAL of:

33.7% of people spend over 35% of gross on homes or rents.
 
[quote author="24inIrvine" date=1228888846]SELECTED MONTHLY OWNER COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME





Less than 20.0 percent 7,940 - 21.00%

20.0 to 24.9 percent 4,841 - 12.80%

25.0 to 29.9 percent 4,509 - 11.90%

30.0 to 34.9 percent 2,819 - 7.50%

35.0 percent or more 11,841 - <strong> 31.40% </strong>



question is how many of these will be adjusting in the near future?



GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME



Less than 15.0 percent 2,443 - 8.70%

15.0 to 19.9 percent 3,897 - 13.80%

20.0 to 24.9 percent 3,804 - 13.50%

25.0 to 29.9 percent 3,218 - 11.40%

30.0 to 34.9 percent 2,275 - 8.10%

35.0 percent or more 10,565 - 7.40%



last row shows way different result between renters and owners</blockquote>


You've got an error on your last row...it should be 37.4% not 7.4%
 
I also like the number of occupant per room 312 of the 65,999 housing units have over 1.5 occupant per room (not per bedroom)...I just can't imangine living in this!
 
[quote author="Roo" date=1228892156][quote author="24inIrvine" date=1228888846]SELECTED MONTHLY OWNER COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME





Less than 20.0 percent 7,940 - 21.00%

20.0 to 24.9 percent 4,841 - 12.80%

25.0 to 29.9 percent 4,509 - 11.90%

30.0 to 34.9 percent 2,819 - 7.50%

35.0 percent or more 11,841 - <strong> 31.40% </strong>



question is how many of these will be adjusting in the near future?



GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME



Less than 15.0 percent 2,443 - 8.70%

15.0 to 19.9 percent 3,897 - 13.80%

20.0 to 24.9 percent 3,804 - 13.50%

25.0 to 29.9 percent 3,218 - 11.40%

30.0 to 34.9 percent 2,275 - 8.10%

35.0 percent or more 10,565 - 7.40%



last row shows way different result between renters and owners</blockquote>


You've got an error on your last row...it should be 37.4% not 7.4%</blockquote>


More than 30% going to housing is non-sustainable. In fact, it's consider poverty inducing by living wage propoents because it strips so much income that you have no cushion for disruptions.



Basically, 1/3rd of Irvine is living with unsustainable rents or housing expenses.
 
[quote author="24inIrvine" date=1228892383]thanks, so now theres adifference in the opposite direction</blockquote>


Yeah, this really surprised me... also you don't get any interest deduction, how can you accumulate any downpayment if you spend over 35% of gross on RENTS....
 
[quote author="No_Such_Reality" date=1228892564]

More than 30% going to housing is non-sustainable. In fact, it's consider poverty inducing by living wage proponents because it strips so much income that you have no cushion for disruptions.

Basically, 1/3rd of Irvine is living with unsustainable rents or housing expenses.</blockquote>


It depends on your income level and lifestyle.



If you made $100k/year and spent $30k on housing related expenses, you're not in poverty. With higher income, if you opt for more expensive housing, you can "downgrade" to driving a Honda Accord instead of a BMW. The same would not be true for someone making a lot less, however.



http://www.betterbudgeting.com/articles/budgeting/spendonhouse.htm



<em>Overspending in these big areas is also a problem because we often make commitments for months or even years in advance. It's not like your electric bill. If it was too high last month, you can start turning down the AC today. But, if you agreed to make forty eight auto payments, there's not much you can do about it for awhile. Or, if you do make a change, it will significantly disrupt your lifestyle.



Let's suppose that Michael's take home pay was $2,000 per month. He really wanted an apartment that cost $800 (40% of his income). Add his car payment ($225), gasoline ($75), groceries ($150) and restaurant meals ($150). That totals $1,400 and only leaves him $600 to cover debt repayment, clothing, entertainment, medical, miscellaneous, savings and any unexpected bills. Chances are that he'll quickly be putting some of those expenses on his credit card and adding to the unpaid balance. At some future point that will come back to haunt him.

<strong>

If Michael were making a lot more he'd have more flexibility. If his monthly income were $10,000, it wouldn't make as much difference if he spent 35 or even 40% of his income on housing. He'd have more in other categories to make up the difference.</strong>



Most of us live with limited income. It's important for us to get our housing, auto and food expenses under 60% of our take home pay if we're going to keep from getting into financial trouble.</em>
 
Momopi and the article make good points. Take a look at my current lifestyle. If my take home was another 2k a month, why wouldn't I want to put the majority of that towards a nicer place? I already live a pretty luxurious life. I'm not extravegant by any means, but I don't need a nicer car, I eat out enough, and I'm perfectly happy with my wardrobe and taste in wines and scotch.



At this point extra income is going to go to investments, and/or housing expenses.
 
[quote author="25w100k+" date=1228899504]Momopi and the article make good points. Take a look at my current lifestyle. If my take home was another 2k a month, why wouldn't I want to put the majority of that towards a nicer place? I already live a pretty luxurious life. I'm not extravegant by any means, but I don't need a nicer car, I eat out enough, and I'm perfectly happy with my wardrobe and taste in wines and scotch.



At this point extra income is going to go to investments, and/or housing expenses.</blockquote>


You make too much money...charity would be another nice place to put it!
 
[quote author="ABC123" date=1228882021]<a href="http://www.ocregister.com/articles/income-education-housing-2250979-race-employment">from the OC register</a>



Over 45% of the population makes over $100,000

median income > $110,000.

37% Asian

14% employed in Finance and insurance, and real estate and rental and leasing

63% bachelor degree or higher

33% foreign born</blockquote>


You have made a significant error in representing these statistics:



Median household income (dollars) = $91,101

Mean household income (dollars) = $111,633



Price to income ratios are always calculated on the <strong><em>median </em></strong>household income. The mean is not the pertinent number.



This may seem like a small point, but the median at the bottom is probably going to be around 4 times median income. That is ($91,101 x 4) $364,404. If you incorrectly use the mean household income, you would incorrectly believe that 4 times median income is $446,532. That 20% difference is pretty large when we are talking about where prices will bottom. I have estimated the median will bottom near $400,000 because I assumed incomes would keep growing through 2011... My mistake...
 
Asian 65,461 + /-2,876 36.10% +/-1.6

Asian Indian 8,924 + /-2,039 13.60% +/-3.0

Chinese 20,924 + /-1,954 32.00% +/-2.9

Filipino 5,728 + /-1,270 8.80% +/-1.9

Japanese 5,122 + /-938 7.80% +/-1.4

Korean 14,007 + /-2,054 21.40% +/-2.8

Vietnamese 6,464 + /-1,397 9.90% +/-2.1

Other Asian 4,292 + /-908 6.60% +/-1.4



Wow! Nice!
 
How about



23% drive BMW's that are leases cause they really can't afford to buy the car

12% drive C Series Mercedes that are leaes cause they really can't affor to buy the car



and the rest own their vehicles.
 
[quote author="frank69m" date=1228908509]



How about



23% drive BMW's that are leases cause they really can't afford to buy the car

12% drive C Series Mercedes that are leaes cause they really can't affor to buy the car



</blockquote>


REVISED: and the rest of Irvinites own Acuras, Infinitis, and Hyundai Genesis.
 
[quote author="PANDA" date=1228910602][quote author="frank69m" date=1228908509]



How about



23% drive BMW's that are leases cause they really can't afford to buy the car

12% drive C Series Mercedes that are leaes cause they really can't affor to buy the car



</blockquote>


REVISED: and the rest of Irvinites own Acuras, Infinitis, and Hyundai Genesis.</blockquote>


Ha ha!
 
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