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.
Torrance Area Description
Torrance City, with a total population of 137,933, had a civilian labor force of 70,385 consisting of residents that were at least 16 years of age. Out of the city's 70,314 civilian labor force, 67,573 were employed and 2,741 were unemployed.
The U.S. Census Bureau's year 2000 census results show that 52,464 workers were hired by private companies; 8,586 worked for the government; and 6,141 were self-employed. Most of the working population had management, professional, and related occupations and sales and office support jobs. In terms of industry, most of the working residents belonged in the manufacturing; educational, health and social services; and professional, scientific, management, administrative, and waste management services industries.
Of the 67,573 employed workers in the city, 36,341 were males and 31,232 were females. Most of the males worked in the manufacturing industry while most of the females were in the educational, health, and social services industry. Median earnings for full-time, year-round male employees were $51,472, while median earnings for full-time, year-round female employees were $ 37,114 in year 1999.
Based on U.S. Census results for the year 2000, the city had 38,081 students. The same census results show that 39.2% of the city's students were in elementary school; 29.7% were in college or graduate school; 20.4% were in high school; 5.9% were in nursery or pre-school; and 4.8% were in kindergarten. About 90.6% of the city's population aged 25 and above were high school graduates, but only 36.4% had a bachelor's degree or higher.
As per the U.S. Census 2000 results, Torrance City residents lived in 55,964 housing units. About 54% of the total housing units were single-detached; 6.6% were single-attached; 2.1% were mobile homes; and the rest were multiple housing units.
Nearly 41% of the total number of housing units in the city were built during 1940 to 1959; 27% were built from 1960 to 1969; and 15% were built from 1970 to 1979. Only 8.5% were built from 1980 to 1989; 2.9% were built from 1990 to 1994; 1.4% were built from 1995 to 1998; and only 0.5% were built from 1999 to March 2000.
There were 54,534 occupied housing units in the city and 888 vacant housing units, 226 of which were for sale and 662 were for rent. Selling price for the vacant housing units were at least $125,000. Most of the vacant housing units were for sale from $300,000 to $499,999. None of the housing units were sold above $749,999. The median asking price was $340,500.
The 662 vacant housing units were for rent for at least $300, but most had rental fees between $800 and $1,499. The median rental fee was $866, according to the year 2000 census.
Most of the 27,219 owner-occupied housing units in the city were valued between $200,000 and $499,999. Only 1.9% had value of less than $50,000; and only 0.4% had value of at least $1,000,000. Median value of the housing units were $320,700. Out of the total number of owner-occupied housing units, 20,627 had mortgage while 6,592 had no mortgage. About 16% of the total number of owner-occupied housing units had monthly mortgage costs of between $1,000 and $1,499; 20% had monthly mortgage costs of between $1,500 and $1,999; and 30% had monthly mortgage costs of at least $2,000. Median monthly mortgage costs were $1,808.
The city's census results for the year 2000 also indicate that there were 24,000 renter-occupied housing units. Only 1.5% of the total number had gross rent of less than $200; 23% had gross rent of $500 to $749; 34% had gross rent of $750 to $999; and 28% had gross rent of $1,000 to $1,499. Median gross rent was $903.
Records of the U.S. Census Bureau show that there were 54,540 households in 1999. Out of the total households, only 2.8% had income of at least $200,000; 4.1% had income between $150,000 and $199,999; 14.0% had income between $100,000 and $149,999; 14.1% had income between $75,000 and $99,999; 21.6% had income between $50,000 and $74,999; 14.8% had income between $35,000 and $49,999; 10.5% had income between $25,000 and $34,999; 8.2% had income between $15,000 and $24,999; 4.1% had income between $10,000 and $14,999; and 5.8% had income of less than $10,000. For the year 1999, the median household income of Torrance City households was $ 56,489 while mean earnings were $70,709.
Year 2000 census results also show that there were 36,335 families in the city. Most of the families had income between $35,000 and $149,999. The median income of a Torrance City family was $67,098 in 1999. About 1,642 families, or 8,815 individuals, were below the poverty level in 1999. About 1,151 of the families had children under 18 years of age.
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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.