This is really easy. History shows that it’s “reasonable” to expect the cost of buying to fall back down to where it only carries a small premium over renting. So if you want to know what X income can afford to buy after the market corrects just look at what X income can afford to rent right now. At 30% of gross income, an $80k HH income can afford $2000 a month, a $120k HH income could afford $3000 a month, etc.
FWIW, there are dozens of 3 bed+ rentals in Dana Point and Laguna Niguel listed below $3000 a month (though only a handful above 2000 sf).
