Stein Valuation, Inc.
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Following is a typical Appraisal Location description utilized by the Appraiser in analyzing the general area market trends.
Walnut Area Description
Walnut City, with a total population of 30,004, had a labor force of 14,565 consisting of residents that were at least 16 years of age. Out of the city's 14,552 civilian labor force, 14,009 were employed and only 543 were unemployed.
The U.S. Census Bureau's year 2000 census results show that 10,683 of the city's workers were hired by private companies; 2,254 worked for the government; 1,008 were self-employed; and 64 were deemed unpaid family workers. Most of the city's working class 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 retail trade industries.
Of the 14,009 employed workers in the city, 7,574 were males and 6,435 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 $51,944, while median earnings for full-time, year-round female employees were $36,197 in year 1999.
Based on U.S. Census results for the year 2000, the city had 11,095 students. About 35.9% of the city's students were in elementary school; 31.8% were in college or graduate school; 23.8% were in high school; 4.8% were in nursery or pre-school; and 3.7% were in kindergarten. About 89% of the city's population aged 25 and above were high school graduates, but only 42% had a bachelor's degree or higher.
As per the U.S. Census 2000 results, Walnut City had 8,395 housing units. About 96% of the total housing units were single-detached; 1.4% were single-attached; and the rest were multiple housing units. There were no mobile homes in the city.
About 49% of the total number of housing units in the city were built during 1980 to 1989; 22% were built from 1970 to 1979; and 15% were built from 1960 to 1969. Only 6.6% of the housing structures were built from 1990 to 1994; 3.3% were built from 1995 to 1998; and only 0.1% were built from 1999 to March 2000. The rest were built before 1940.
There were 8,260 occupied housing units in the city and 77 vacant housing units, of which 54 were for sale and 23 were for rent. Selling price for the vacant housing units was at least $150,000. Most of the vacant housing units were for sale from $250,000 to $299,999. The median asking price was $276,900.
The 23 vacant housing units were for rent for at least $600, but most had rental fees between $800 and $1,499. The median rental fee was $963, according to the year 2000 census.
Most of the 7,157 owner-occupied housing units in the city were valued between $200,000 and $499,999. About 6% of the housing units had value of less than $50,000; and only 0.2% had value of at least $1,000,000. Median value of the housing units was $279,700.
Out of the total number of owner-occupied housing units, 6,493 had mortgage while 664 had no mortgage. About 14% of the total number of owner-occupied housing units had monthly mortgage costs between $1,000 and $1,499; 27% had monthly mortgage costs between $1,500 and $1,999; and 40% had monthly mortgage costs of at least $2,000. Median monthly mortgage costs were $1,887.
The city's census results for the year 2000 also indicate that there were 913 renter-occupied housing units. Only 1.3% of these housing units had gross rent of less than $200; 23% had gross rent of $750 to $999; 35% had gross rent of $1,000 to $1,499; and 26% had gross rent of at least $1,500. A small portion of the housing units had gross rent between $300 to $749. Median gross rent was $1,223.
Records of the U.S. Census Bureau show that there were 8,256 households in 1999. Out of the total households, only 5.5% had income of at least $200,000; 6.2% had income between $150,000 and $199,999; 23.0% had income between $100,000 and $149,999; 19.4% had income between $75,000 and $99,999; 20.8% had income between $50,000 and $74,999; 8.4% had income between $35,000 and $49,999; 4.9% had income between $25,000 and $34,999; 6.0% had income between $15,000 and $24,999; 1.0% had income between $10,000 and $14,999; and 4.9% had income of less than $10,000. For the year 1999, the median income of Walnut City households was $81,015 while mean earnings were $87,536.
Year 2000 census results also show that there were 7,640 families in the city. Most of the families had income between $75,000 and $149,999. The median income of a family in Walnut City was $82,977 in 1999. About 450 families, or 1,940 individuals, were below the poverty level in 1999. About 280 of these 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.