Stein Valuation, Inc.
Real Estate Appraisals & Consultation
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Following is a typical Appraisal Location description utilized by the Appraiser in analyzing the general area market trends.
Orange County Area Description
The second most populous county in the state of California and the fifth most populous in the United States, Orange County is bounded by Los Angeles County in the northwest, San Bernardino County in the northeast, Riverside County in the east, and by San Diego County in the southeast. With its population of 3,072,336 (2006 U.S. Census of Bureau), it is estimated to be larger than that of twenty states.
Of the California counties, Orange County ranks next to Los Angeles in terms of population size, the latter being the first with 10,245,572 or 27.56 percent of California’s total population. Orange County stacks a hefty 3,072,336-population size or 8.27 percent of California’s total count. From 3,047,054 of the 2005 census, the recent population of the county boosts a significant 0.8 percent growth.
Based on the latest population and housing estimates, its household population stands at 3,028,512 (as compared to the 3,003,160 from the 2005 census data). Also, 43,824 of the total population reside in group quarters (which is not quite a big leap from the 43,894 of the 2005 estimate). Based from the same report, there is a total of 1,018,380 housing units situated within the county. Of which, 515,777 are single detached housing units and 127,375 are single attached units. There are 90,535 multiple housing units that could accommodate up to four individuals and 252,400 multiple housing units capable of accommodating five or more persons. An estimate of 32,293 mobile homes are located within the premises of the county. Of the reported total of housing units, 984,386 are occupied and 34,013 vacant housing units or an equivalent 3.34 percent. The average number of person per household is 3.077.
Basing on the aforementioned statistics, we can therefore conclude that there is an average of 3.077 persons per household in 2006. From such ratio, we could clearly see how Orange County is being more and more populated as the years go by. In 2005, the percentage ratio of number of persons per household is 3.074; 3.076 in 2004; 3.066 in 2003; 3.046 in 2002; 3.025 in 2001 and 2.998 in 2000.
According to the population division of the United States Census Bureau, there were 969,484 housing units for about 3 million Orange County residents in 2004. The US census bureau has also released a six-year housing unit projection on August 21, 2006 basing on the April 2, 2004 census results. The projection covered annual housing units estimate from the midyear of 2004 up to the midyear of 2009. The figures are as follows: 972,287 housing units for July 2004; 983,453 housing units for July 2005; 990,800 housing units for July 2006; 1,001,211 housing units for July 2007; 1,009,328 housing units for July 2008 and 1,017,219 housing units for July 2009.
Despite Orange County's huge population size, it is the smallest county in the state of California, in terms of geographical area. Orange County has a total geographical area of 948 square miles (2,455 square kilometers). Only three-fourths of the total area is composed of land and the remaining quarter comprises of surface water. Specifically there are only 789 square miles (2,045 square kilometers) of land. The 16.73% water area comprises 159 square miles (411 square kilometers). Orange County is bounded by the counties of San Diego, Riverside, San Bernardino and Los Angeles.
With a total population of 3,072,336, Orange County is the fifth most populous county in the United States. In California, the state where Orange County belongs, it ranks second to Los Angeles County in terms of population. The total number of residents in Orange County posed a 0.8 percentage increase basing on its 3,047,054 population count in 2005. This percentage change ranked thirty-first amongst the counties in the state of California, with Yuba County taking the lead at a percentage change of 3.61. Numerically, Orange County's 25,282 numerical increase of population finished a clean slate at spot no.5, with Los Angeles County on no.1 with a numeric change of 79,155.
The September 13, 2006 report form California Market Labor Info showed that the county has a total labor force count of 1,598,800 where 1,542,700 are employed and 56,000 are unemployed—the latter which is calculated to be at 3.5 percent of the labor force count.
The changes in Orange County's labor force has dramatically varied over the years too. Four years ago, in 2002, the California Labor Market has listed a total labor force of 1,531,300. There were 1,454,500 listed employed individuals and 76,800 were unemployed. Therefore, we have a 5.0% employment rate. In 2006, the California Labor Market has listed a labor force of 1,262,400 with 1,226,300 employed individuals and 36,100 unemployed individuals. The unemployment rate is 2.9%.
The California Labor Market info has also enumerated and ranked fastest growing occupations in Orange County. These results cover not only the present year, but the same projection is also expected to prevail until 2012. Remarkably, the top five fastest growing occupations can be rolled up into one main category: teaching. On the no.1 post are law professors with an estimated employment of 270 in 2002. It is expected to increase up to 440 in 2006. It means that in ten years’ time, the number of law professors will increase by 170. That is a hefty 63% total change and a steady 5% annual growth. Next in line are post-secondary English and literature teachers that is expected to have a 5% growth change each year and a total of 63.6% change rate in ten years time. It is expected to increase by 70, with a projection of 180 in 2012 from the 2002 estimate of 110. Recreation and fitness, basic education and psychology teachers rule the next three spots.
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Additional statistical data for the area is presented below: Please note: differences between the above and below values are related to differing sources, though the ranges are considered to be quite reliable.