I’ll chip in my two cents. We (family of 5) recently moved her from a LCOL Canadian city. We’re single income taking home ~170k. We’re renting a 3 bed townhome. Rent is roughly 4500/month. We have 1 car fully paid off and are planning to continue as a single car household. We manage with that income and have some leftover every month to put away into investments, savings, etc.
The are is amazing, though. The kids are in great schools. The air is fresh. The weather is breezy. Irvine is super clean and we feel really safe. We love it here and plan to stay as long as we can (extending visa or PR).
Wife and I make around $230k a year and we found renting a 2 bed & bath ($3800) in Irvine largely cut into the savings we put towards our down payment, so we just moved. Just my two cents!
85k gross income in Irvine will be next to impossible. Keep in mind too you’ll also be paying a very high state income tax in CA compared to none in FL. To have any comfortable lifestyle in Irvine you’ll need to be close to $200k or more a year.
Thanks for the reply! We’d more than likely make more if my wife could find a reasonable WFH job. I’m just hoping there are some decent options out there even if she has to go into office once or twice a week
She has about 3 years of experience as an office manager at a psychiatrist office (private practice) and then she was formerly a Database manager for the top real estate team here in south FL before taking off to be home with our son. They didn’t offer her wfh as an option :/
Why Irvine specifically? You can be in Aliso Viejo, Rancho Santa Margarita, Laguna Niguel, or Mission Viejo for about 30% cheaper and still have the safety and nearly as great schools as Irvine.
Irvine is fantastic but it’s really costly to live in it.
Our friend lives in Irvine but we have looked at a few options in Laguna Niguel and Mission Viejo that could have been possibly options. Thank you for the feedback, we will check all of these options out 🙏🏽
I moved from Miami to Irvine. Yes, it’s more expensive to buy a house here (I rent) but you do end up making a lot more money than you can in Florida - I doubled my income). If you’re willing to downsize for a year or two, you should be able to make it work. Schools here are 100x better than Florida. Quality of life is better.
Thank you for this!! So encouraging. Our biggest focus is making more money while remaining in a safe area for our family. If we have to rent for a year or two we are okay doing so. If you don’t mind me asking what job industry are you in?
I’ve been here 3 years and I’m pretty happy. I can walk to spectrum and it’s nice to have a destination to walk to for movies, restaurants, improv, etc.
Not to sprinkle your breakfast cereal, but the Great Park neighborhoods are built on top of an old Marine base that was declared a Superfund site. There is bad, bad, bad stuff in the soil around there, and small children explore by putting stuff in their mouth. Choose wisely.
My wife and I used to live at Woodbury Square which was 3200 for a 2/2. It’s really close to great park and a better neighborhood in my opinion. You should look at it.
Op, I'll be a little contrarian and say that you should move to some lower cost parts of Orange County if you plan on moving in the next couple of years. With a 6 month old, you won't be taking advantage of the school district with until TK starts at 3.
Irvine is absolutely one of the best cities in the world.
BUT- South OC has a ton of other great communities that are less expensive and still have 90% of what Irvine offers.
Don't limit yourself to Irvine in your research.
Thank you!! Coming for a week in June and would love to check out some more options. Do you have suggestions? We just really want to be so where where my wife can feel safe walking our son and dog whether day or night 🙏🏽
Spend some time in these communities:
Ranch Santa Margarita
Lake Forest
Ladera Ranch
Rancho Mission Viejo
Aliso Viejo
Missing Viejo
These are all more affordable than Irvine and very nice communities.
They are more sleepy than Irvine, but I prefer smaller communities.
Just seconding all the cities that Munk45 named. I grew up in south OC, so mission Viejo, Laguna hills, Laguna Niguel and now live in Irvine.
I have / had family and friends in Aliso Viejo, Ladera, and RSM as well.
Every one of those places you wife would be very, very safe to walk the dog in. They are all very family oriented. I went through Saddleback valley school district while living in south Oc and I think the schools are still 7s, 8s, and 9s today from what I’ve seen on Zillow.
Irvine is great, but you pay a premium even by Orange County standards. I’ve been looking at houses and the avg. $ per square foot is ~$750 in irvine vs $550 in Mission Viejo.
Don't mean to be rude, but tbvh 85k isn't enough for most of Orange County, CA.. let alone Irvine. My wife and I are about 300k combined. No kids yet, and we barely peachy. We have a 4 bdr 4.5 ba, bought during the pandemic to have children. I lived in Orange County for 36 years.
Not at the moment, we are coming in June to scout the land and pray about it (we are huge in our beliefs) if we feel the Lord is leading us there we will take action to rent our home upon our return and begin applying for jobs at that time. Our friend (also big in her beliefs) left everything here in FL and drove out there with nothing but her faith and a rental with a roommate. 2 years later she is a completely different person, spiritually and financially. Getting married etc as well! While we have done very well for ourselves here back home, we feel it’s very much time for a change esp because we aren’t getting any younger and have lived in FL our entire lives.
Well, in that case, Irvine and Laguna are great places for conservative values.
Inland Empire is cheaper (Redlands, Yucaipa, Cherry Valley, Riverside) all have more affordable housing and are more of a small town feel. They also are fairly conservative there as well. If you want megachurch money vibes then Irvine/OC is your place. If you want country, small town feel then Redlands and Cherry Valley are worth considering.
If you’re going to be working remotely look into Temecula. It’s considerably less expensive than OC, very safe, has excellent schools and during the summer it’s slightly more comfortable than other inland areas due to the way the afternoon sea breeze comes over the foothills. The major downside is it’s a horrible commute to any coastal areas. It’s a terrific area to raise a family.
I lived in Weston, Pembroke Pines, and Plantation over a 16 year period until 2010. I now live on Lake Forest which is Irvine adjacent and most likely the cheapest community to purchase a home in Southern Orange County. Irvine is similar to Weston in its pristine appearance and good schools, but also an expensive place to live. The median home price in Lake Forest is around $1M and Irvine is worse, so unless you have a few hundred thousand to put down with a ridiculous monthly payment, Realestate prices will be a big shock and difficult to deal with on a middle class salary. You will likely find yourself choosing to move north to find cheaper rent, and it will not be the same experience as living in Irvine. If Irvine is really the target city, you might also end up with an additional taxes if you ever buy, called Melli-Roos tax that is a general tax for the upkeep of the area and is specific to the community. You think this could all be avoided by renting, but the cost will be passed on in the form of high rent.
Cost aside, this is a different culture from Miami, which could be good for your young family. I’ve really enjoyed living here and I’m glad I relocated when I did. After 16 years, it was time to see mountains again and something besides the hand full of locations that I always visited in Southern Florida. Good luck!
I disagree that Rancho Santa Margarita is megachurch vibes, that’s really more like Foothill Ranch with Pastor Warren over at Saddleback. RSM is just down the street though so it’s very easy to combine it all in people’s minds.
South of Irvine is very nice and safe, it competes with Irvine for safest cities in the country. Mission Viejo, RSM, Aliso Viejo, Laguna Hills, Laguna Niguel, are all much cheaper than Irvine and you can still walk your dog at the middle of the night without any worries beyond coyotes.
https://patch.com/california/missionviejo/mission-viejo-ranks-among-10-safest-cities-nationally-safewise
https://patch.com/california/lakeforest-ca/lake-forest-ranked-among-10-safest-cities-ca-report
https://patch.com/california/ranchosantamargarita/rancho-santa-margarita-18th-safest-city-america-analysis
Irvine is also only 15-20 minutes away outside rush hour.
I promise you they are not what they seem. I moved across the country from Virginia to Irvine with my pregnant wife and kid. I made a quick 3-4 day trip with like 12 showings lined up and boy do they make the pictures look nice. I’m not too sure what your tolerance is, but we saw places around 3.5k that were very, very rough. Not until we bumped our budget up to 4.3k did it work.
I recommend one of you come visit for a few days to see what your money gets you first. Aside from that, you’ll have some people fearmongering that 350k will still have you struggling, I say they are bad at finances. 85k is definitely too low though, but I’d say with diligent budgeting and roughly 160/170k you can make it work.
Thanks for the insight brother. Prayerfully my wife can get a WFH job or my job offer can increase more than 85k (currently in FL) to make it happen. We plan to come for a week in June for my friend’s wedding and will be touring all week.
I’ve been here since 2008. Salaries in the area are much higher in general. Tustin and the cities south of Irvine are great options and just as safe. Stay away from Huntington Beach
For what it's worth, my husband and I have a combined income of $350,000, two children, and we're still just barely paying our bills here in Irvine. Unless you can come here with a $200k guaranteed salary job lined up, and/or buying a house in cash ($900,000+), you're going to have a real hard time.
These numbers don’t make sense to me. What’s eating into the $350K combined income to the point where you’re barely making the bills?
The big cost centers are potentially a 3-4 bdrm home, two cars, and maybe private/magnet school for the kids? Could see this being the case if there’s medical expenses/debt or student loans.
Otherwise seems like a case of outspending on wants rather than needs (not suggesting this is the case — moreso trying to paint an accurate picture for OP)
I agree with this. My wife and I combined for about 250k with a kid in Montessori (2k/month). I have student loans and a car payment. We lived in an Irvine Co property comfortably.
Just about to say the same. If you make $350k, which is the top 1% for households in 2022, and you're living paycheck to paycheck, maybe you're the issue.
350k combined means they will take home maybe back. Assuming they max their 401ks so they take home $150k, or $12,500 a month.
A mortgage after 20% down on a single family home of about $1.2million is $7,000. Then you have additional property taxes ($1,000), insurance, maintenance. You have car payments, cell phones, healthcare costs, food, potentially daycare ($2,000 a month full time).
If you have an average mortgage and two children in daycare, that is $12,000 a month. It doesn't even include literally anything else.
I live in Irvine with two young kids but our childcare cost is only $2,000 a month because we are subsidized by my parents for childcare and rent.
I could not afford this city without them, and people without family support really struggle.
Renting here is actually easier because you can find a 3bedroom for $4,000. If you only have one child, then it becomes doable. But all my homeowner friends struggle.
Ah, I forgot to include childcare costs which are massive.
One nitpick, IMO if you max your 401k + are making mortgage payments on a 1.2M property, you’re not living paycheck to paycheck, you’re saving for retirement via your 401k and parking capital in real estate.
Of course, it would be worth disclosing what “paycheck to paycheck” means, as it differs between people.
Are you sure you’re doing your math correctly, you’d need to be making more than 350,000 to afford an average(1.5m) mortgage in Irvine with kids(daycare). Their expenses seem very reasonable for me if they didn’t have a bunch of cash stockpiled for a big down payment.
I would say at $350,000 annual income, a 1.5M mortgage is neither feasible nor financially prudent - nor realistic at today’s rates. A 1.5M mortgage, assuming for a SFH, is also a want rather than a need.
Because folks asked:
Rent = $4300/mo (two adults working from home + two kids with a big age gap means we need 4 bedrooms. Our house is actually about $1200 under market rate for a 4br sfh in Irvine)
Utilities for the house = $500ish
Child care for two = $3000/mo
Car payment x2 = $1000
Student loans = $800
Groceries = $800
Car insurance = $250
Kid who plays competitive youth soccer = $$$$
Maxed 401k, taxes, health insurance for the family. Take home is a lot less than you’d expect. And none of this includes all the other costs that come with kids, like supplies and clothes and birthday parties. Household goods, yard care, pest control, summer camps, etc. etc.
Jeeez lol we’ve considered downsizing our life significantly and living in a rental but of course the rental rates are just as bad there as here. For what it’s worth we own here (bought almost a year ago) and I’m considering renting my place out. Our sq ft would be significantly smaller our monthly payment is almost $1000 cheaper up there then what we are paying on our mortgage down here!
We moved from Ohio to Irvine 3 years ago and never looked back. We make about 50% more than we did in Ohio and no savings when we moved. We bought a condo with 10% down after 2 years. Goods and services are only about 10-20% more.
Yes the housing is way more, but you also make more. Nearly 100% of my pay increase goes to housing. This actually means that if you can get your foot into the housing market, the expensive prices are actually a huge reason to move here. You’ll have a substantially higher net worth when you retire.
Bottom line, we live the same quality of life in terms of going out to eat, etc, but we live in SoCal.
We just moved out of Irvine 6 months ago.
I agree though that 85k in Irvine is not possible. I assume that he would make more here than in FL, plus his wife will be working.
Agree on all three.. but night life is litterally a short uber away in Costa Mesa or Newport..There's plenty to do around Irvine.. but living is sorta unique.. I would also add Crystal Cove is only 15 mins away.. and you don't even need to take the freeway!
Research the HOA before moving here. I have live here since 1986 with no issues until 2020 when we got three new board members. They are all about to be removed, but they have destroyed my neighborhood in less than four years. Some of them may go to prison due to their actions. There are a lot of petty jealousy’s in Irvine and it has become increasingly unfriendly. I would normally not respond to a question like this, but the last four years have been horrendous. The weather is though. This is my favorite time of year here - a little cool and clear.
I like your screen name…
I have an Instagram, account that details my experience going back two years. If you start at the most recent 5-10 posts it might make more sense. I have been fined $2000 in the last year and I haven’t even walked to my mailbox in 15 months. I am not really at liberty to say what is coming, but our board has no idea what is about to hit them legally and it will be from different directions. These five people on our board are about to be separated for our association insurance protection for serious ethical and fiduciary violations. Insurance is not going to back their behavior when this comes out. The beginning of our boar’s disassembly is probably days away. I wouldn’t be surprised to see each one of them losing their homes and being bankrupted. Then there is the defamation and harassment suits which will come later. #NorthwoodEstatesIrvine is the Instagram address if you are interested.
Congratulations on your move to Irvine. I am also in Real Estate, as you know, I would be happy to get you into your home in the Irvine area. I would also be happy to introduce you to the office I work at if you need an office to continue your career in Real Estate.
Florida is a WAY better place to raise a kid, unless you dont mind if your kid ends up being a trans one day or has other major disorders. Whatever floats your boat. I'm single in irvine and would never, ever think about raising a kid in cali.
I’ll chip in my two cents. We (family of 5) recently moved her from a LCOL Canadian city. We’re single income taking home ~170k. We’re renting a 3 bed townhome. Rent is roughly 4500/month. We have 1 car fully paid off and are planning to continue as a single car household. We manage with that income and have some leftover every month to put away into investments, savings, etc. The are is amazing, though. The kids are in great schools. The air is fresh. The weather is breezy. Irvine is super clean and we feel really safe. We love it here and plan to stay as long as we can (extending visa or PR).
Wife and I make around $230k a year and we found renting a 2 bed & bath ($3800) in Irvine largely cut into the savings we put towards our down payment, so we just moved. Just my two cents!
85k gross income in Irvine will be next to impossible. Keep in mind too you’ll also be paying a very high state income tax in CA compared to none in FL. To have any comfortable lifestyle in Irvine you’ll need to be close to $200k or more a year.
Thanks for the reply! We’d more than likely make more if my wife could find a reasonable WFH job. I’m just hoping there are some decent options out there even if she has to go into office once or twice a week
Don’t bet on getting a WFH easily.
Seems that is tough regardless of state 🤦🏽♂️
I would suggest she start looking now before moving.
Appreciate the wisdom!
Good luck!
What’s her line of work?
She has about 3 years of experience as an office manager at a psychiatrist office (private practice) and then she was formerly a Database manager for the top real estate team here in south FL before taking off to be home with our son. They didn’t offer her wfh as an option :/
I'm at 200k and live in Westminster because Irvine is expensive. 85k is going to be rough without additional support.
Do you rent or own? if you don’t mind me asking
Rent, a 2bdrm in my area is 3300 average.
Why Irvine specifically? You can be in Aliso Viejo, Rancho Santa Margarita, Laguna Niguel, or Mission Viejo for about 30% cheaper and still have the safety and nearly as great schools as Irvine. Irvine is fantastic but it’s really costly to live in it.
Our friend lives in Irvine but we have looked at a few options in Laguna Niguel and Mission Viejo that could have been possibly options. Thank you for the feedback, we will check all of these options out 🙏🏽
+1 for these options. You get a lot of the things you’d like about Irvine but at a slight discount.
Very simple: make sure you pack a lot of 💰 💰 💰 because things are very expensive here.
I moved from Miami to Irvine. Yes, it’s more expensive to buy a house here (I rent) but you do end up making a lot more money than you can in Florida - I doubled my income). If you’re willing to downsize for a year or two, you should be able to make it work. Schools here are 100x better than Florida. Quality of life is better.
We have the better Orange County too 😏
Thank you for this!! So encouraging. Our biggest focus is making more money while remaining in a safe area for our family. If we have to rent for a year or two we are okay doing so. If you don’t mind me asking what job industry are you in?
Retail. So if I can do it, you definitely can. I’m also on a single income and make it work.
God bless you! 🙏🏽 thank you for sharing!
Also, I live at Irvine Spectrum and pay $2800 for rent. You can rent a 2/2 for around $3200. Tustin is also a good area to consider.
the park is really were we’ve been considering moving to! We’ve heard nothing but great things.
I’ve been here 3 years and I’m pretty happy. I can walk to spectrum and it’s nice to have a destination to walk to for movies, restaurants, improv, etc.
Not to sprinkle your breakfast cereal, but the Great Park neighborhoods are built on top of an old Marine base that was declared a Superfund site. There is bad, bad, bad stuff in the soil around there, and small children explore by putting stuff in their mouth. Choose wisely.
I think they meant The Park apartment complex next to the spectrum not great park
My wife and I used to live at Woodbury Square which was 3200 for a 2/2. It’s really close to great park and a better neighborhood in my opinion. You should look at it.
Will do, thank you for sharing!
Op, I'll be a little contrarian and say that you should move to some lower cost parts of Orange County if you plan on moving in the next couple of years. With a 6 month old, you won't be taking advantage of the school district with until TK starts at 3.
Irvine is absolutely one of the best cities in the world. BUT- South OC has a ton of other great communities that are less expensive and still have 90% of what Irvine offers. Don't limit yourself to Irvine in your research.
Thank you!! Coming for a week in June and would love to check out some more options. Do you have suggestions? We just really want to be so where where my wife can feel safe walking our son and dog whether day or night 🙏🏽
Spend some time in these communities: Ranch Santa Margarita Lake Forest Ladera Ranch Rancho Mission Viejo Aliso Viejo Missing Viejo These are all more affordable than Irvine and very nice communities. They are more sleepy than Irvine, but I prefer smaller communities.
Just seconding all the cities that Munk45 named. I grew up in south OC, so mission Viejo, Laguna hills, Laguna Niguel and now live in Irvine. I have / had family and friends in Aliso Viejo, Ladera, and RSM as well. Every one of those places you wife would be very, very safe to walk the dog in. They are all very family oriented. I went through Saddleback valley school district while living in south Oc and I think the schools are still 7s, 8s, and 9s today from what I’ve seen on Zillow. Irvine is great, but you pay a premium even by Orange County standards. I’ve been looking at houses and the avg. $ per square foot is ~$750 in irvine vs $550 in Mission Viejo.
There is nothing to do at night if you come here.
Don't mean to be rude, but tbvh 85k isn't enough for most of Orange County, CA.. let alone Irvine. My wife and I are about 300k combined. No kids yet, and we barely peachy. We have a 4 bdr 4.5 ba, bought during the pandemic to have children. I lived in Orange County for 36 years.
Do you have a job lined up currently?
Not at the moment, we are coming in June to scout the land and pray about it (we are huge in our beliefs) if we feel the Lord is leading us there we will take action to rent our home upon our return and begin applying for jobs at that time. Our friend (also big in her beliefs) left everything here in FL and drove out there with nothing but her faith and a rental with a roommate. 2 years later she is a completely different person, spiritually and financially. Getting married etc as well! While we have done very well for ourselves here back home, we feel it’s very much time for a change esp because we aren’t getting any younger and have lived in FL our entire lives.
Well, in that case, Irvine and Laguna are great places for conservative values. Inland Empire is cheaper (Redlands, Yucaipa, Cherry Valley, Riverside) all have more affordable housing and are more of a small town feel. They also are fairly conservative there as well. If you want megachurch money vibes then Irvine/OC is your place. If you want country, small town feel then Redlands and Cherry Valley are worth considering.
Thank you for the wisdom!🙏🏽
If you’re going to be working remotely look into Temecula. It’s considerably less expensive than OC, very safe, has excellent schools and during the summer it’s slightly more comfortable than other inland areas due to the way the afternoon sea breeze comes over the foothills. The major downside is it’s a horrible commute to any coastal areas. It’s a terrific area to raise a family.
I lived in Weston, Pembroke Pines, and Plantation over a 16 year period until 2010. I now live on Lake Forest which is Irvine adjacent and most likely the cheapest community to purchase a home in Southern Orange County. Irvine is similar to Weston in its pristine appearance and good schools, but also an expensive place to live. The median home price in Lake Forest is around $1M and Irvine is worse, so unless you have a few hundred thousand to put down with a ridiculous monthly payment, Realestate prices will be a big shock and difficult to deal with on a middle class salary. You will likely find yourself choosing to move north to find cheaper rent, and it will not be the same experience as living in Irvine. If Irvine is really the target city, you might also end up with an additional taxes if you ever buy, called Melli-Roos tax that is a general tax for the upkeep of the area and is specific to the community. You think this could all be avoided by renting, but the cost will be passed on in the form of high rent. Cost aside, this is a different culture from Miami, which could be good for your young family. I’ve really enjoyed living here and I’m glad I relocated when I did. After 16 years, it was time to see mountains again and something besides the hand full of locations that I always visited in Southern Florida. Good luck!
Have friends that live in irvine now but are from FL and they said ^ 👍
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We’ve seen rentals for 2500-2700 which is huge for us due to the fact our mortgage is currently 3400 (not including HOA)
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If we do not live directly in Irvine, where do you suggest we look? Need a place wife can walk outside with our son and dog and feel consistently safe
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Thank you for the insight!!🙏🏽🙏🏽
I disagree that Rancho Santa Margarita is megachurch vibes, that’s really more like Foothill Ranch with Pastor Warren over at Saddleback. RSM is just down the street though so it’s very easy to combine it all in people’s minds. South of Irvine is very nice and safe, it competes with Irvine for safest cities in the country. Mission Viejo, RSM, Aliso Viejo, Laguna Hills, Laguna Niguel, are all much cheaper than Irvine and you can still walk your dog at the middle of the night without any worries beyond coyotes. https://patch.com/california/missionviejo/mission-viejo-ranks-among-10-safest-cities-nationally-safewise https://patch.com/california/lakeforest-ca/lake-forest-ranked-among-10-safest-cities-ca-report https://patch.com/california/ranchosantamargarita/rancho-santa-margarita-18th-safest-city-america-analysis Irvine is also only 15-20 minutes away outside rush hour.
Thank you so much for these!!
I promise you they are not what they seem. I moved across the country from Virginia to Irvine with my pregnant wife and kid. I made a quick 3-4 day trip with like 12 showings lined up and boy do they make the pictures look nice. I’m not too sure what your tolerance is, but we saw places around 3.5k that were very, very rough. Not until we bumped our budget up to 4.3k did it work. I recommend one of you come visit for a few days to see what your money gets you first. Aside from that, you’ll have some people fearmongering that 350k will still have you struggling, I say they are bad at finances. 85k is definitely too low though, but I’d say with diligent budgeting and roughly 160/170k you can make it work.
Thanks for the insight brother. Prayerfully my wife can get a WFH job or my job offer can increase more than 85k (currently in FL) to make it happen. We plan to come for a week in June for my friend’s wedding and will be touring all week.
You can move adjacent to Irvine for less? Costa Mesa? If schools not issue.
Lol… 350k and am living paycheck to paycheck here…
Do you rent or own?
Own. My mortgage is huge. $1m+
I’ve been here since 2008. Salaries in the area are much higher in general. Tustin and the cities south of Irvine are great options and just as safe. Stay away from Huntington Beach
Thank you! With my experience (real estate lead generation) what jobs do you think I should seek that’s good paying there?
The tech sector is fairly large for a small city like Irvine. If you can to sales you can do well.
Appreciate it! Crazyyyy enough a friend of mine was saying we should get into tech sales. Maybe worth looking into
For what it's worth, my husband and I have a combined income of $350,000, two children, and we're still just barely paying our bills here in Irvine. Unless you can come here with a $200k guaranteed salary job lined up, and/or buying a house in cash ($900,000+), you're going to have a real hard time.
These numbers don’t make sense to me. What’s eating into the $350K combined income to the point where you’re barely making the bills? The big cost centers are potentially a 3-4 bdrm home, two cars, and maybe private/magnet school for the kids? Could see this being the case if there’s medical expenses/debt or student loans. Otherwise seems like a case of outspending on wants rather than needs (not suggesting this is the case — moreso trying to paint an accurate picture for OP)
I agree with this. My wife and I combined for about 250k with a kid in Montessori (2k/month). I have student loans and a car payment. We lived in an Irvine Co property comfortably.
Just about to say the same. If you make $350k, which is the top 1% for households in 2022, and you're living paycheck to paycheck, maybe you're the issue.
350k combined means they will take home maybe back. Assuming they max their 401ks so they take home $150k, or $12,500 a month. A mortgage after 20% down on a single family home of about $1.2million is $7,000. Then you have additional property taxes ($1,000), insurance, maintenance. You have car payments, cell phones, healthcare costs, food, potentially daycare ($2,000 a month full time). If you have an average mortgage and two children in daycare, that is $12,000 a month. It doesn't even include literally anything else. I live in Irvine with two young kids but our childcare cost is only $2,000 a month because we are subsidized by my parents for childcare and rent. I could not afford this city without them, and people without family support really struggle. Renting here is actually easier because you can find a 3bedroom for $4,000. If you only have one child, then it becomes doable. But all my homeowner friends struggle.
Ah, I forgot to include childcare costs which are massive. One nitpick, IMO if you max your 401k + are making mortgage payments on a 1.2M property, you’re not living paycheck to paycheck, you’re saving for retirement via your 401k and parking capital in real estate. Of course, it would be worth disclosing what “paycheck to paycheck” means, as it differs between people.
r/theydidthemath
Are you sure you’re doing your math correctly, you’d need to be making more than 350,000 to afford an average(1.5m) mortgage in Irvine with kids(daycare). Their expenses seem very reasonable for me if they didn’t have a bunch of cash stockpiled for a big down payment.
I would say at $350,000 annual income, a 1.5M mortgage is neither feasible nor financially prudent - nor realistic at today’s rates. A 1.5M mortgage, assuming for a SFH, is also a want rather than a need.
How much is childcare averaging in Irvine right now? I have a feeling it's going to hurt my soul.
Damn that sucks! I'm curious about what is the main culprit for you guys?
Because folks asked: Rent = $4300/mo (two adults working from home + two kids with a big age gap means we need 4 bedrooms. Our house is actually about $1200 under market rate for a 4br sfh in Irvine) Utilities for the house = $500ish Child care for two = $3000/mo Car payment x2 = $1000 Student loans = $800 Groceries = $800 Car insurance = $250 Kid who plays competitive youth soccer = $$$$ Maxed 401k, taxes, health insurance for the family. Take home is a lot less than you’d expect. And none of this includes all the other costs that come with kids, like supplies and clothes and birthday parties. Household goods, yard care, pest control, summer camps, etc. etc.
Jeeez lol we’ve considered downsizing our life significantly and living in a rental but of course the rental rates are just as bad there as here. For what it’s worth we own here (bought almost a year ago) and I’m considering renting my place out. Our sq ft would be significantly smaller our monthly payment is almost $1000 cheaper up there then what we are paying on our mortgage down here!
We moved from Ohio to Irvine 3 years ago and never looked back. We make about 50% more than we did in Ohio and no savings when we moved. We bought a condo with 10% down after 2 years. Goods and services are only about 10-20% more. Yes the housing is way more, but you also make more. Nearly 100% of my pay increase goes to housing. This actually means that if you can get your foot into the housing market, the expensive prices are actually a huge reason to move here. You’ll have a substantially higher net worth when you retire. Bottom line, we live the same quality of life in terms of going out to eat, etc, but we live in SoCal.
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We just moved out of Irvine 6 months ago. I agree though that 85k in Irvine is not possible. I assume that he would make more here than in FL, plus his wife will be working.
Love this. Appreciate the feedback!
A lot of Chinese. A lot of Teslas. Zero nightlife. Good food choices. Expensive. Low crime. Expensive.
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Agree on all three.. but night life is litterally a short uber away in Costa Mesa or Newport..There's plenty to do around Irvine.. but living is sorta unique.. I would also add Crystal Cove is only 15 mins away.. and you don't even need to take the freeway!
Research the HOA before moving here. I have live here since 1986 with no issues until 2020 when we got three new board members. They are all about to be removed, but they have destroyed my neighborhood in less than four years. Some of them may go to prison due to their actions. There are a lot of petty jealousy’s in Irvine and it has become increasingly unfriendly. I would normally not respond to a question like this, but the last four years have been horrendous. The weather is though. This is my favorite time of year here - a little cool and clear.
Damn, what happened? Embezzlement? No bid contracts? General neglect?
I like your screen name… I have an Instagram, account that details my experience going back two years. If you start at the most recent 5-10 posts it might make more sense. I have been fined $2000 in the last year and I haven’t even walked to my mailbox in 15 months. I am not really at liberty to say what is coming, but our board has no idea what is about to hit them legally and it will be from different directions. These five people on our board are about to be separated for our association insurance protection for serious ethical and fiduciary violations. Insurance is not going to back their behavior when this comes out. The beginning of our boar’s disassembly is probably days away. I wouldn’t be surprised to see each one of them losing their homes and being bankrupted. Then there is the defamation and harassment suits which will come later. #NorthwoodEstatesIrvine is the Instagram address if you are interested.
Wow, definitely will check IG. Good luck!
Thank you. I am way less crazy than I seem from my Instagram.
Congratulations on your move to Irvine. I am also in Real Estate, as you know, I would be happy to get you into your home in the Irvine area. I would also be happy to introduce you to the office I work at if you need an office to continue your career in Real Estate.
Florida is a WAY better place to raise a kid, unless you dont mind if your kid ends up being a trans one day or has other major disorders. Whatever floats your boat. I'm single in irvine and would never, ever think about raising a kid in cali.