Home Affordability in Irvine, CA
The median home price in Irvine is $1,250,000 with a median household income of $108,385. Housing is significantly stretched relative to local incomes.
Median Home Price
$1,250,000
Median Income
$108,385
Price-to-Income Ratio
11.5x
Est. Affordable Home
$421,000
Property Tax Rate
0.67%
Annual Property Tax
$8,375
Sales Tax Rate
7.75%
Cost of Living Index
165
Buying a Home in Irvine
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $108,385 in Irvine can afford a monthly housing payment of approximately $2,529. This translates to a home price of roughly $421,000, which is below the median home price of $1,250,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Irvine would be approximately $8,375 per year ($698/month) at the effective rate of 0.67%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $37,500 | $1,212,500 | Yes |
| 5% | $62,500 | $1,187,500 | Yes |
| 10% | $125,000 | $1,125,000 | Yes |
| 20% | $250,000 | $1,000,000 | No |
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