Calculate using real Irvine data. Median home price: $1,100,000. Property tax rate: 0.75%.
With the median household income of $119,057 in Irvine, CA, following the 28% rule, you could afford a monthly payment of about $2,778.
The cost of living index in Irvine, CA is 175 (national average = 100). A home at the median price of $1,100,000 would require roughly 9.2x the median income.
A conventional 20% down payment on the median Irvine, CA home ($1,100,000) would be $220,000. FHA loans may require as little as 3.5% ($38,500).