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.
West Covina Area Description
West Covina City, with a total population of 104,893, had a labor force of 48,389 consisting of residents that were at least 16 years of age. Out of the city's 48,358 civilian labor force, 44,969 were employed and 3,389 were unemployed.
The U.S. Census Bureau's year 2000 census results show that 34,856 of the city's workers were hired by private companies; 7,223 worked for the government; 2,754 were self-employed; and 136 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 44,969 employed workers in the city, 23,945 were males and 21,024 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 workers were $38,160, while median earnings for full-time, year-round female workers were $31,138 in year 1999.
Based on U.S. Census results for the year 2000, the city had 33,792 students. About 40.8% of the city's students were in elementary school; 28% were in college or graduate school; 21.3% were in high school; 5.2% were in kindergarten; and 4.6% were in nursery or pre-school. About 78.2% of the city's population aged 25 and above were high school graduates, but only 21.9% had a bachelor's degree or higher.
The U.S. Census 2000 results also show that the city had 32,011 housing units. About 65.5% of the total housing units were single-detached; 8.8% were single-attached; 1% were mobile homes; and the rest were multiple housing units.
About 39% of the total number of housing units in the city were built during 1940 to 1959; 25% were built from 1970 to 1979; and 17% were built from 1960 to 1969. Only 12% of the housing structures were built from 1980 to 1989; 2.5% were built from 1990 to 1994; and 2.1% were built from 1995 to 1998. Only 147 housing units, or 0.5% of the total number of housing units in the city, were built from 1999 to March 2000.
Out of the total number of housing units, 31,399 were occupied housing and 384 were vacant, of which 60 were for sale and 324 were for rent. Selling price for the vacant housing units was at least $125,000. Most of the vacant housing units were for sale from $200,000 to $499,999. None were for sale above $750,000. The median selling price was $246,200.
The 324 vacant housing units were for rent for at least $350, but most had rental fees between $800 and $899. There were no housing units for rent at $1,500 and above. The median rental fee was $839, according to the year 2000 census.
Most of the 19,562 owner-occupied housing units in the West Covina were valued between $150,000 and $299,999. About 2% of the housing units had value of less than $50,000; and only 0.1% had value of at least $1,000,000. Median value of the housing units was $190,200.
Out of the total number of owner-occupied housing units, 16,029 had mortgage while 3,533 had no mortgage. About 30% of the total number of owner-occupied housing units had monthly mortgage costs between $1,000 and $1,499; 26% had monthly mortgage costs between $1,500 and $1,999; and 13% had monthly mortgage costs of at least $2,000. Median monthly mortgage costs were $1,470.
The city's census results for the year 2000 also indicate that there were 10,461 renter-occupied housing units. Only 1.7% of these housing units had gross rent of less than $200; 27.6% had gross rent of $500 to $749; 37.8% had gross rent of $750 to $999; and 22.4% had gross rent of $1,000 to $1,499. Only 2.1% had gross rent of at least $1,500. A small portion of the housing units had gross rent between $200 to $499. Median gross rent was $828.
Records of the U.S. Census Bureau further show that there were 31,409 households in West Covina in 1999. Out of the total households, only 2.0% had income of at least $200,000; 2.5% had income between $150,000 and $199,999; 10.7% had income between $100,000 and $149,999; 14.6% had income between $75,000 and $99,999; 23.9% had income between $50,000 and $74,999; 16.1% had income between $35,000 and $49,999; 11.7% had income between $25,000 and $34,999; 9.4% had income between $15,000 and $24,999; 3.7% had income between $10,000 and $14,999; and 5.5% had income of less than $10,000. For the year 1999, the median income of West Covina City households was $53,002 while mean earnings were $62,201.
Year 2000 census results also show that there were 25,311 families in the city. Most of the families had income between $50,000 and $99,999. The median income of a family in West Covina City was $57,614 in 1999. About 1,720 families, or 9,400 individuals, were below the poverty level in 1999. About 1,327 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.