So there are 116K houses in the county more expensive than this one. (Ignore mello-roos for a moment)
Some wealthy families will be renting and some expensive houses will be occupied by low-income retirees, so we can pretend that these effects cancel each other.
As of 2006, 116K’th wealthiest family made around 140K/year.
Per 28% rule, in theory, at 140K/year you can afford to pay $3300/month for housing.
(Quick craigslist search finds a smaller house offered at $2995, and a bigger house offered at $3700, so I seem to be right on target)
This house price will be in line with rent if you can get it for $3300/month.