This was posted in a thread on Thursday, but it is such important data, it deserves its own post. The blogging software does not do tables very well, so I apologize if it a bit difficult to follow.
The first column is the income range.
The second column is the percentage of the total in each income range.
The third column is the cumulative total. It shows you the percentage of households that makes at or less than the specified range. I find it interesting that 78% of the households in Irvine make less than $150K.
The fourth column is the most expensive house someone who makes the maximum in the range can afford with a total price of 4 times income. Some will argue this is too conservative, and some will argue it is too high. I think it is a bit too high, but the market bottomed at 4 times income last time, so it is a useful point of reference.
The fifth column is the downpayment that would be required assuming 20% down.
Data Set: 2006 American Community Survey
Survey: 2006 American Community Survey
Estimate — Percentage — Cummulative — House Price Limit — Downpayment
Total: 63,646
Less than $10,000 ——– 4,633 — 7.3% — 7.3% —- $40,000 —- $8,000
$10,000 to $14,999 —— 2,015 — 3.2% — 10.4% — $60,000 —- $12,000
$15,000 to $19,999 —— 1,159 — 1.8% — 12.3% — $80,000 —- $16,000
$20,000 to $24,999 —— 1,973 — 3.1% — 15.4% — $100,000 — $20,000
$25,000 to $29,999 —— 1,233 — 1.9% — 17.3% — $120,000 — $24,000
$30,000 to $34,999 —— 1,069 — 1.7% — 19.0% — $140,000 — $28,000
$35,000 to $39,999 —— 2,021 — 3.2% — 22.2% — $160,000 — $32,000
$40,000 to $44,999 —— 2,071 — 3.3% — 25.4% — $180,000 — $36,000
$45,000 to $49,999 —— 2,353 — 3.7% — 29.1% — $200,000 — $40,000
$50,000 to $59,999 —— 3,108 — 4.9% — 34.0% — $240,000 — $48,000
$60,000 to $74,999 —— 6,169 — 9.7% — 43.7% — $300,000 — $60,000
$75,000 to $99,999 —— 8,666 — 13.6% — 57.3% — $400,000 — $80,000
$100,000 to $124,999 — 7,924 — 12.5% — 69.8% — $500,000 — $100,000
$125,000 to $149,999 — 5,279 — 8.3% — 78.0% — $600,000 — $120,000
$150,000 to $199,999 — 6,495 — 10.2% — 88.3% — $800,000 — $160,000
$200,000 or more ——– 7,478 — 11.7% — 100.0% — $-
Irvine’s median income is approximately $85,000:
$85,000 * 4 = $340,000 house with a $68,000 downpayment.
I know I should modify this graphic to fix the title, but it is too much work. Just know it is 1986-2006.
I would like to thank a reader for updating this graphic for me. I am not sure if I can post your name, but thank you.
It is what it is. What do you think?
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FYI,
This is for households and not individuals. These are gross income numbers, not after tax or otherwise adjusted.
Methodology:
The ACS program was fully implemented in 2005 in every county of the United States and in Puerto Rico, with an annual sample of approximately three million housing units.
The ACS is conducted using the best mail self-response techniques of the decennial census combined with follow-up techniques that produce high-quality data. For households that do not respond by mail, the quality of data is improved by using well-trained, permanent interviewer staff using computerized interviewing, which incorporates edits into the collection process. Using a permanent coding staff provides additional improvements in data quality.
Households that receive the American Community Survey are required by law to respond. As with all other census answers, a Federal law, Title 13 of the U.S. Code, provides strong confidentiality protections for all individual information collected by the Census Bureau. Violating this law is a Federal crime with serious penalties, including a prison sentence of up to five years and a $250,000 fine. For more information, visit the American Community Survey Web page at http://www.census.gov/acs/www.
