Yes, median homebuyers probably have above median income. But I disagree that people have had to qualify for their loans based on income. Loose lending standards and liar loans are a big part of how the bubble formed. So although homebuyers make more than median, the cost of homes doesn’t provide much useful info about how much more.
To be fair, I suppose I was making a stupid guess of my own with the 600K number (which is about 100K below the Irvine median).
It just gets annoying to hear people try to paint Irvine as more affluent than it really is based on untrue stereotypes like Mr and Mrs Irvine. Irvine is not Laguna Beach or Newport Coast. Once the bubble bursts, I strongly suspect that median households will be able to afford more than a humdrum 2 bedroom condo, because they were able to before the bubble.
