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.
Artesia Area Description
Notable for its large Indian American community and its collection of Indian business is the city of Artesia. It has long been proposed by some residents to designate a part of the city (along the lines of Little Saigon near Westminster and Garden Grove) as “Little India,” but there has been much opposition from other ethnicities and from within the Indian community itself thus hindering the realization of the proposition.
According to the United States Census Bureau, the city has a total area of 4.2 km² (1.6 mi²), which is all land. Among its neighboring cities are Norwalk and Cerritos.
At the 2000 census, the population was recorded at 16,380, 50.1 percent of which were male (8,212) and 49.9 percent were female (8,168)—the former comprising 49.1 percent of the U.S. population, the latter, 50.9 percent. It was also estimated that the population was spread out with 27.2 percent under the age of 18, 10.1 percent from 18 to 24, 29.4 percent from 25 to 44, 21.0 percent from 45 to 64, and 12.4 percent who were 65 years of age or older. The median age was 34 years. For every 100 females there were 100.5 males; and for every 100 females age 18 and over, there were 95.8 males. Children below 5 years old comprised 7.3 percent of the city’s population and 6.8 of the U.S. population at 1,203.
The U.S. Bureau of Census, however, made estimates on the population change for the years 2005 and 2005. By 2005, the total population was expected to rise to 17,211. An approximation of a 1.7 percent increase was foreseen for the 2006 population count putting the head count at 17, 496 by then.
Of the 14,170 families in the city, 6.7 percent or 950 families were below poverty level. From the same group, there are 7,361 families with related children under 18 years and 8.1 percent of this (or 596) are below poverty level. There are also those with related children under 5 years with 6 percent or 113 of them belonging below the poverty line. Of the 14,170 families only 11,016 were working and 3.2 or 352 were below the poverty level. The median income deficit for these families was recorded to be at $7,933. And from the same groups was 2,588 who were already 65 years and over; of which 4.6 or 118 were below the poverty level.
At 2002, the household population was tallied at 15,808 or 96.5 and 97.2 of the city population and the U.S. population respectively. The average household size was at 3.54, while the average family size was at 3.87. All in all there were 4,598 housing units in the city, 4,470 of which were occupied and 128 were still vacant. Two thousand five hundred twenty-three of the occupied houses were owned by its residents, while 1,947 are being rented. The rented ones are priced from $350 to $1,499 per month, with a median rate of $846 rental fee per month. Of the vacant-for-sale-only housing units, prices ranged from $100,000 to 249,999.
The 2000 data set on the city’s mortgage status revealed that of the specified owner-occupied housing units 1,596 of these occupied units were mortgaged while only 645 were not. An equivalent of 39.8 or 636 of these units had monthly household costs of $1,000 to $1,499. This is followed by the 390 units with a monthly household cost of $1,500 to $1,999. The lowest monthly owner cost recorded was at $300 to $399 where 20 units were listed to have such. The median monthly cost of homeowners with mortgage is at $1,331; without mortgage, $286.
But the 2006 housing estimates showed some slight changes with the numbers. With the increase in population came an increase in the household population also. The household population is reported to be at 16,924 already and the group quarters count to be at 572. The 4,598 housing units in 2002—with classifications varying from single detached or single attached, multiple 2-4 plus attached or multiple 5 plus attached, and the mobile homes—has now grown to 4,700. And based on this latest housing estimates, there are already 3,219 single detached housing units, 327 single attached housing units, 323 multiple 2–4-plus attached units, 735 multiply 5-plus attached units, and 96 mobile units currently accounted for in the city.
The population density was 3,903.9/km² (10,126.1/mi²); and with the 4,598 housing units reported, the average housing density is calculated to be at 1,095.9/km² (2,842.5/mi²).
The median income for a household in the city was $44,500, and the median income for a family was $47,017. In 1999, per capita income was recorded to be at $15,763. Three hundred sixteen families (8.7 percent of the city population; 9.2 percent of the U.S. population) are unfortunately staggering below the poverty level. There are 1,822 individuals (or 11.5 of the city’s population; 12.4 of the U.S. population) who can be found below the poverty level as well. Males had a median income of $34,447 as opposed to the $25,256 coming from the working females.
As of September 2006, the city’s labor force is at 8,200—of which 7,900 are reported as employed and 300 are unemployed. In percentage, there is a 3.6 percent unemployment rate in the city of Artesia.
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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.