Considering moving to Irvine? Called the Center of Orange County, Irvine is famous for its great quality of life, low crime, excellent schools, and top-notch amenities. Of course, living in paradise isn’t cheap. Is Irvine expensive? How much do you need to earn to live in Irvine comfortably? This data-packed guide to the cost of living in Irvine, CA covers everything from housing costs and typical living expenses to taxes and salary. Find out what you should expect.
Table of Contents
Irvine Cost of Living Index
How much does it cost to live in Irvine? One of the best ways to understand how much you need to earn is to look at the Irvine cost of living index and how it compares to where you live. This index compares the average cost for common living expenses between cities and against the national average.
The cost of living index in Irvine, CA is 181.1 (in other words, 81.1 percent higher than the national average). The average cost of living in Irvine is $3209, which is in the top 0.6% of the most expensive cities in the world, ranked 59th out of 9294 in our global list, 49th out of 2202 in the United States, and 32nd out of 319 in California.
Healthcare is close to the national average and utilities are 6.3% cheaper than average. You’ll pay about 36% more than the U.S. average for transportation including gasoline and car insurance. The biggest factor affecting the Irvine cost of living? Housing.
The Irvine housing market is very competitive. Homes in Irvine receive 4 offers on average and sell in around 31 days. The median sale price of a home in Irvine was $1.5M last month, up 6.7% since last year. The median sale price per square foot in Irvine is $831, up 8.6% since last year.
The Bureau of Labor Statistics considers Irvine as part of the Los Angeles area for determining the Consumer Price Index. The CPI measures the average price change over time that consumers pay for goods and services. The CPI for Irvine was recently up 0.4% for the past month and 1.0% between 2000 and 2021. Food prices rose 3.5% over a year while energy prices climbed 3.9% over the year. The price for natural gas jumped over 10%. The data indicates the average home price in Irvine is now approximately $1.58 million, illustrating an increase of 17.3% year-over-year.
–
Consumer expenditures are also helpful for understanding how expensive it is to live in Irvine. In the Los Angeles metro area, consumers spent an average of $68,824 per year between 2018 and 2019. This compares to $62,395 for the average U.S. household. Here is the typical budget for Irvine’s living expenses.
- Housing: 35.3% ($24,613 per year)
- Transportation: 15.7% ($10,959)
- Food: 13.1% ($9,177 equally split between eating at home and away from home)
- Healthcare: 6% (lower than the U.S. average of 8.1%)
- Entertainment: 4.2% (lower than average)
- Personal insurance and pensions: 13.2% (U.S. average is 11.6%)
Cost of Groceries, Food, Gas & Household Items in Irvine
Groceries in Irvine are about 16% above the national average and utilities are lower than average. However, that doesn’t tell you everything you want to know. Here is what you can expect to pay for typical living expenses in Irvine, CA.
Cost of items in Irvine:
- Steak (ribeye, one pound): $10.88
- Milk (whole, ½ gallon): $2.17
- Eggs (one dozen, grade A): $2.74
- Potatoes (5-pound bag): $3.06
- Bread (loaf of wheat): $4.40
- Beer (Heineken’s 6-pack): $9.48
- Movie ticket: $14.27
- Average cell phone bill: $172.04
- Average electrical bill in Irvine: $320/month
Today the average gas price in Irvine is $ 4.90/gallon.Gas prices are comparable to Los Angeles.
The same month, the average price for electricity was 21.9 cents per kWh, 60% above the national average of 13.7 cents per kWh. In 2020, electricity costs in Irvine were 44% higher than the U.S. average.
Request Moving Quote
Irvine Real Estate Market
Housing is the biggest expense you face. The average household in Irvine spends 35% of its budget on housing. The Irvine housing market is notoriously expensive.
About 32% of all Irvine housing units are condos and high-rise apartments. While there are plenty of neighborhoods with row homes and single-family homes, the high cost of housing makes apartments and condos particularly popular.
Based on all homes sold in the last 12 months. Homes in Irvine have sold for 18.7% more than they did a year ago. Summary: The median home sold price in Irvine was $1,562,823 in September 2024, up 18.7% from last year, and the median price per square foot was $819.
According to Redfin in August 2024, Irvine home prices were up 6.7% compared to last year, selling for a median price of $1.5M. On average, homes in Irvine sell after 31 days .
Irvine condos are more popular than single-family homes and more affordable. You can find one-bedroom condos in the low $300s and two-bedroom condos in the $500s. Luxury condos can sell for more than $2 million or $900 per square foot! Expect to pay an average of $400 to $550 per square foot to buy a condo in Irvine, CA.
You can start searching for Irvine, Ca homes for sale to get an idea of what your budget can get you.
Irvine Rental Market – Average Rent in Irvine
The homeownership rate in Irvine is just 44 % compared to the U.S. average of 64% thanks to high housing costs in Irvine. Planning to rent instead? The cost of living in Irvine is more affordable for renters!
How much is an apartment in Irvine? Average apartment rent in Irvine, CA is $ 3,112, according to RentCafe, for 921 square feet. About 77% of apartments in the city are priced over $2,000, but you’ll find some between $1,500 and $2,000.
Irvine rent prices depend largely on the neighborhood and the building itself. UC Irvine has $3,015 average rent prices. In neighborhoods like Irvine Spectrum, East Industrial Complex, Portola Springs, and Orange County Great Park, you’ll pay $2,459 on average. South Irvine is one of the most affordable areas with average rent of $2,254.
By comparison, rent is cheaper (if only slightly) in Los Angeles, San Diego, and Long Beach.
As of October 2024, the average rent in Irvine, CA is $2,925 per month. This is 88% higher than the national average rent price of $1,556/month, making Irvine one of the most expensive cities in the US. When you rent an apartment in Irvine, you can expect to pay about $2,828 per month for a studio, $2,925 for a one-bedroom apartment, and around $3,625 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $4,445 or more.
Average Salary & Household Income in Irvine
How much do you need to make to live in Irvine? It helps to understand Irvine’s average income and salary.
What is a livable salary in Irvine? The median household income in a city certainly helps gauge the cost of living. The median household income in Irvine is $114,027, which is 24% more than that of the state. The median income for an individual is $62,323, which is 38% more than that of the state.
The average salary in Irvine is $82,000 with an average hourly rate of $21.83 according to Payscale. Here is what you can expect to earn:
- Senior Software Engineer: $126k
- Project Manager: $85k
- Human Resources Manager: $75k
- Registered Nurse: $42/hour
- Office Manager: $23/hour
Top employers in Irvine include:
- University of California, Irvine
- Rivian
- Amazon Web Services (AWS)
- Blizzard Entertainment
- Edwards Lifesciences
Income, Sales & Property Taxes in Irvine, CA
Taxes are a big part of the Irvine cost of living. California is notorious for its high taxes with the country’s highest income tax rate and high sales tax. Here’s how taxes affect the average cost of living in Irvine, CA.
California Income Tax Rate
The state of California’s income tax rate is 1% to 12.3%, the highest in the U.S. There is an additional 1% tax on taxable income over $1 million for mental health services.
Irvine Sales Tax Rate
The combined Irvine sales tax is 7.75%. This includes the following.
- California state sales tax: 7.25%
- Orange County sales tax: 0.50%
- Irvine city sales tax: 0.0%
Irvine Property Tax Rate
The Irvine property tax rate is 1.11%.
Thanks to Prop 13, California has among the lowest property tax rates in the U.S. However, be aware that there are many Mellos-Roos districts in Irvine. In these areas, you are subject to a special assessment called the Mello-Roos tax that may increase your property taxes by $30 to $300 per month. These assessments can last 10 years or decades.
Understanding Mello-Roos
Title Consumer Series
When purchasing your new home, your future monthly payments will be made up of principal, interest, real property taxes and insurance, but what is the tax for the Community Facilities District, otherwise known as a Mello -Roos District? The CLTA has answered some of the questions most commonly asked about the Mello-Roos Community Facilities Act of 1982.
What is a Mello-Roos District?
Mello-Roos District is an area where a special tax is imposed on those real property owners within a Community Facilities District. The district has chosen to seek public financing through the sale of bonds for the purpose of financing certain public improvements and services, which may include streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police protection for newly developing areas. The tax you pay is used by the district to make the payments of principal and interest on the bonds.
Only a handful of communities in Irvine like University Park, Northwood, and Woodbridge have no Mello-Roos taxes.
Irvine vs San Diego Cost of Living
What is the cost of living in Irvine versus San Diego? A simple cost of living comparison can help. The Irvine cost of living index is 147.8 compared with 141.3 in San Diego. As a general rule, housing and transportation are more expensive in Irvine but utilities are far more expensive in San Diego. Rent prices in Irvine are slightly higher than San Diego. Compared to the average home price of $889,000 in Irvine, the average San Diego home is $704,000.
LEARN MORE: Check our TOTAL guide to Orange County vs San Diego for more info on the cost of living comparison, pros & cons, and more.
The Irvine cost of living may be high, but it’s worth it if you’re looking for a laidback Orange County lifestyle and safety sandwiched between the amenities of San Diego and Los Angeles. Ready to relocate to the Center of Orange County? Call SafeWay Moving & Storage today at 949-639-0330 for your free Irvine moving quote!