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.
Banning Area Description
Banning City, with a total population of 23,443, had 10,144 residents age 21 to 64 years. According to the U.S. Census Bureau's census results for the year 2000, the city had 18,215 residents of at least 15 years of age.
Out of the 5,842 city residents that were in school, 51.2% were in elementary school; 23.9% were in high school; and only 12.9% were in college or graduate school. About 76% of the city's population aged 25 and above were high school graduates but only 12.6% had a bachelor's degree or higher.
Census results show that there were 8,911 households in the city. Only 0.8% of the total number of households had income of at least $200,000; also 0.8% had income of between $150,000 and $199,999; 3.4% had income of between $100,000 and $149,999; 6.4% had income of between $75,000 and $99,999; 17.5% had income of between $50,000 and $74,999; another 17.5% had income of between $35,000 and $49,999; 13.9% had income of between $25,000 and $34,999; 19.7% had income of between $15,000 and $24,999; 9.4% had income of between $10,000 and $14,999; and 10.7% had income of less than $10,000. For the year 1999, the median income of Banning City households was $32,076 while mean earnings were $40,285.
There were 6,228 families in the city, according to census results for the year 2000. About 8.3% of the city's total number of families had income of less than $10,000; 5.7% had income from $10,000 to $14,999; 16.4% had income from $15,000 to $24,999; 14.6% had income from $25,000 to $34,999; 20.3% had income from $35,000 to $49,999; another 20.3% had income from $50,000 to $74,999; 8.1% had income from $75,000 to $99,999; 4.2% had income from $100,000 to $149,999; 1.1% had income from $150,000 to $199,999; and only 0.9% had income from $200,000 or more. The median family income was $38,995 in year 1999. About 900 families in the city were below the poverty level in 1999, of which 738 had children under 18 years of age.
The city's housing units totaled 9,739, 6,832 of which were single-detached units; 726 were single-attached units, and the rest were multiple housing units. The city had 1,138 mobile homes. About 2,400 of the housing structures were built between 1980 and 1989, and nearly 2,000 were also built between 1940 and 1959. Almost 1,300 housing units were built between 1990 and 1994. Less than 1,000 housing units were built between 1995 and March 2000.
There were 8,891 occupied housing units in the city and about 490 vacant ones, based on year 2000 census results. About 185 of the vacant housing units were for sale and 305 were for rent.
Out of the 5,248 owner-occupied units, 3,268 had mortgage and 1,980 had no mortgage. Most households had mortgage between $500 to $1,499. The median monthly mortgage cost was $886. Around 38% of the owner-occupied units were worth $50,000 to $99,999 while 34% were worth $100,000 to $149,999. None of the owner-occupied housing units had value of at least $500,000. The median value of the owner-occupied units was $110,000.
Out of the 2,440 renter-occupied units, only 2.4% had gross rent of less than $200; 27.3% had gross rent of $300 to $499; 40.9% had gross rent of $500 to $749; and only 3.8% had gross rent of $1,000 to $1,499. None of the renter-occupied units had rent of at least $1,500. The median gross rent was $564.
Most of the vacant housing units for sale had price tags of $60,000 to $89,999, although a few were sold below $20,000. None of the housing units were sold above $200,000. The median asking price was $69,100.
Some of the vacant housing units were for rent below $100. Most of the vacant housings were for rent at the $300-$399 range. None of the vacant housing units were for rent above $900. The median rental fee was $379, according to the year 2000 census.
Banning City had a total labor force of 8,286, consisting of residents aged 16 years and above. Out of the total labor force, 7,507 were employed and 741 were unemployed. Of the 7,507 employed civilian population, 3,932 were males and 3,575 were females. Most of the males worked in the construction, manufacturing, and retail trade industries while most of the females were in the educational, health, and social services industry. Median earnings for full-time, year-round male employees were $31,300, while median earnings for full-time, year-round female employees were $20,794 in year 1999.
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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.