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Residential Finance Survey

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Residential Finance Survey: 2001 - United States
Table 2-13. Household Income, 1-Unit Homeowner Mortgaged Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text^^

Income
Total Less
than
$10,000
$10,000
to
$19,999
$20,000
to
$29,999
$30,000
to
$39,999
$40,000
to
$49,999
$50,000
to
$59,999
$60,000
to
$79,999
$80,000
to
$99,999
$100,000
or more
Median
(dollars)

1-housing-unit properties with a
traditional first mortgage
36410 3349 1483 2818 3406 3858 3717 6352 4089 7338 58852

PROPERTY CHARACTERISTICS


Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
18579 1582 660 1365 1808 2034 2050 3140 2134 3804 58971
Sale of previous home 5879 476 135 197 382 450 558 910 909 1864 76319
Sale of other real property or other
investments
908 102 21 15 60 79 51 155 104 322 76394
Savings 9636 677 277 705 922 1151 1142 1658 1119 1985 59513
Borrowing from a retirement plan 810 26 12 22 78 73 108 224 121 146 67670
Borrowing using assets other than this
property as collateral
423 32 23 35 37 71 47 45 44 89 52779
Proceeds from an insurance policy 120 7 17 30 12 7 22 14 0 12 35332
Payments in a lease-purchase agreement 143 20 4 25 29 23 16 13 7 7 37919
From a state or local government source 263 23 14 57 61 15 32 38 16 7 36183
From a non-profit organization 34 11 0 8 4 4 1 7 0 0 27587
From parents or relatives 1846 112 66 173 228 277 250 342 177 221 52674
Other 88 19 5 3 6 12 7 9 6 21 48566
No downpayment required 1354 129 105 184 170 157 182 219 86 122 45617
Not reported 392 120 43 41 33 22 21 31 41 40 28131
Other properties 17661 1747 815 1436 1590 1810 1636 3175 1936 3515 58754
Not reported 170 19 8 17 7 14 31 36 18 18 56120

Year Property Acquired

1999 to 2001 (part)
8716 789 355 746 877 930 913 1422 943 1740 57233
1997 and 1998 6110 543 209 414 553 676 699 997 741 1278 59436
1995 and 1996 4212 302 137 271 423 473 501 799 486 821 59996
1990 to 1994 7133 636 262 466 628 771 704 1366 851 1450 61472
1985 to 1989 4397 445 140 288 342 446 420 769 523 1026 63092
1980 to 1984 2247 249 126 160 200 181 185 427 235 483 60980
1975 to 1979 2049 179 140 215 173 217 177 359 214 376 55688
1970 to 1974 909 111 75 126 119 103 62 135 65 113 42290
1969 or earlier 636 94 40 133 92 61 55 79 31 50 35583

Value-Income Ratio

Less than 1.0
2389 4 20 70 117 169 177 415 343 1073 92947
1.0 to 1.4 4818 6 36 160 265 451 488 1067 783 1563 78825
1.5 to 1.9 6216 4 68 245 398 738 848 1342 1070 1502 72022
2.0 to 2.4 5543 0 122 314 631 618 679 1261 731 1187 66455
2.5 to 2.9 4072 6 85 317 512 513 592 856 373 820 60296
3.0 to 3.4 2616 3 118 330 302 419 302 466 272 404 54478
3.5 to 3.9 1794 0 120 239 295 260 191 288 184 218 49361
4.0 or more 6171 539 914 1142 888 690 440 658 333 566 35528
Not reported or not computed 2791 2788 0 0 0 0 0 0 0 4 -494358
Median 2.3 481.3 191.6 3.5 2.8 2.5 2.3 2.1 1.9 1.8 ...

OWNER CHARACTERISTICS


Age of Owner

Under 25
328 31 36 87 32 43 53 25 10 11 32864
25 to 34 5182 372 111 408 630 674 671 1053 566 697 55913
35 to 44 10436 838 245 620 841 1226 1190 1966 1266 2243 62610
45 to 54 10399 871 331 568 864 975 951 1961 1342 2537 66529
55 to 64 5579 522 234 487 539 564 499 859 582 1293 58903
65 to 74 2178 227 288 318 269 184 168 254 150 318 39498
75 and over 668 105 107 128 68 51 41 74 46 48 29588
Not reported 1640 383 132 201 163 141 145 160 126 191 36441
Median 46 48 54 48 46 44 44 45 46 47 ...

Race of Owner

White alone
31761 2736 1188 2346 2923 3403 3290 5631 3651 6592 59981
Black or African American alone 2840 468 232 318 306 310 291 409 212 295 43091
American Indian or Alaska Native alone 194 15 10 24 27 20 16 40 31 12 51133
Asian alone 1241 96 26 86 107 104 71 205 158 387 72650
Native Hawaiian or Other Pacific
Islander alone
115 17 12 0 7 0 26 18 17 17 57987
Two or more races 260 17 15 44 35 21 24 50 20 35 48933

Sex of Owner

Male/Male and female co-owners
30105 2574 851 1945 2380 2944 3163 5699 3742 6807 64195
Female 6305 776 632 873 1025 915 554 653 347 530 38502

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
2927 325 189 455 365 369 306 391 234 293 43509
No Hispanic/Latino owner(s) 33483 3024 1294 2363 3041 3489 3412 5961 3854 7044 60397

Veteran Status@1

Veteran
7576 619 297 582 668 749 846 1297 935 1582 60409
Active member of Reserves or National
Guard for at least 6 years
1327 94 30 68 112 164 152 193 194 321 64565
Persian Gulf War or after
(August 1990 to present)
881 52 6 45 73 103 135 193 103 169 62631
Vietnam or after
(August 1964 to July 1990)
4437 329 121 255 307 392 499 859 660 1014 67317
Korean conflict or after
(July 1950 to July 1964)
1503 129 85 172 144 162 151 237 142 280 53936
World War II or after
(September 1940 to June 1950)
555 56 75 101 75 47 31 73 30 66 36043
Nonveteran 26861 2459 1031 2013 2572 2913 2690 4758 2972 5452 59079
Not reported 1973 271 155 223 165 196 181 297 181 303 48757

Owned Home Previously

Previously owned home
20301 1796 687 1146 1394 1728 1839 3493 2691 5526 68931
Never owned home before 14820 1369 681 1527 1886 2000 1766 2683 1281 1625 49732
Not reported 1290 183 115 145 125 131 112 175 117 186 45780

MORTGAGE CHARACTERISTICS


Number of Mortgages

1 mortgage
27072 2680 1212 2361 2722 3001 2807 4550 2812 4929 55562
2 mortgages 8311 630 259 434 618 757 813 1609 1100 2091 68015
3 or more mortgages 1027 40 13 23 66 101 97 194 176 318 77980

Form of Debt of First Mortgage

Mortgage or deed of trust
36410 3349 1483 2818 3406 3858 3717 6352 4089 7338 58852
Contract to purchase 0 0 0 0 0 0 0 0 0 0 0
Some other loan secured by this property 0 0 0 0 0 0 0 0 0 0 0

Method of Loan Application

By computer over the Internet or
by e-mail
270 9 6 21 29 22 13 45 66 59 75494
By telephone or FAX 3579 254 70 185 285 366 276 643 418 1082 70998
By regular mail 895 90 19 44 38 57 74 180 91 304 74099
By personal visit 22198 2085 877 1746 2000 2303 2316 4032 2448 4391 59017
Through third party (such as real
estate agent or builder)
6531 530 299 523 712 826 681 1055 788 1117 55503
Some other way 102 14 6 11 9 8 24 14 11 7 51638
Not reported 2474 320 166 229 293 223 308 342 242 350 50163
Not available 361 47 40 60 40 54 25 42 26 27 38461

Origin of First Mortgage

Mortgage made at time property acquired
25921 2487 1103 2088 2473 2769 2845 4347 2871 4937 57168
Mortgage assumed at the time property
acquired
704 100 65 98 85 98 64 93 46 54 40378
Mortgage placed later than acquisition of
property
9785 762 315 631 848 991 808 1913 1171 2347 65626
Refinanced mortgage 8890 631 234 505 728 888 719 1817 1116 2251 68134
Same lender 2568 211 83 120 200 262 204 500 342 647 68213
Different lender 6321 421 151 384 528 627 516 1317 774 1603 68104
Mortgage placed on property
owned free and clear of debt
896 130 81 127 120 102 88 95 55 96 39146
Not available 0 0 0 0 0 0 0 0 0 0 0

Purpose of First Mortgage Placed
Later Than Acquisition of Property

Properties on which
mortgages placed later
than acquisition of property
9785 762 315 631 848 991 808 1913 1171 2347 65626
Obtain lower interest rate 5976 416 115 217 396 586 494 1264 797 1691 72090
Increase payment period for mortgage 83 12 3 17 7 12 0 9 12 11 42108
Reduce payment period for mortgage 264 22 4 11 25 27 32 47 46 50 64401
Renew or extend loan that had fallen
due, without increasing outstanding
balance
203 11 14 20 29 15 10 24 18 61 61318
Receive cash or increase outstanding
balance of loan
2713 222 145 305 343 293 249 446 251 459 51955
Other reason 277 38 17 34 30 37 10 68 19 23 45085
Not reported 269 41 16 28 18 20 11 55 28 52 60261
Other properties 26625 2587 1168 2186 2558 2867 2910 4439 2917 4991 56684
Not available 0 0 0 0 0 0 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received
4300 289 173 348 451 469 358 788 521 901 61539
Less than $20,000 1711 136 71 143 233 202 157 321 212 236 54451
$20,000 to $39,999 1300 76 43 145 119 126 110 254 156 270 62362
$40,000 to $59,999 552 36 26 23 75 71 58 72 42 149 57721
$60,000 to $79,999 255 20 11 29 13 26 12 56 49 38 65778
$80,000 to $99,999 173 12 11 4 4 20 12 25 20 65 78703
$100,000 to $124,999 140 3 0 3 0 17 5 43 17 52 79343
$125,000 to $149,999 50 0 4 0 0 0 5 9 12 21 92715
$150,000 to $174,999 57 0 0 0 1 3 0 9 3 40 2989032
$175,000 to $199,999 18 0 0 0 5 0 0 0 6 7 92984
$200,000 to $249,999 25 0 7 0 0 4 0 0 3 11 89834
$250,000 to $299,999 15 6 0 0 0 0 0 0 0 9 1877047
$300,000 or more 5 0 0 0 0 0 0 0 0 5 5050000
Median 26754 22311 27072 24264 19338 25173 24003 25795 26199 35929 ...
Mean 35604 32169 39375 25433 24504 31373 27629 32738 36184 53013 49476
Properties that refinanced
and did not receive cash back
4630 330 100 200 298 426 369 975 591 1340 72123
Properties that refinanced
and did not report if received
cash back
855 143 42 83 98 95 80 149 59 105 46495
Properties that did not
refinance
26625 2587 1168 2186 2558 2867 2910 4439 2917 4991 56684
Not available 0 0 0 0 0 0 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1
4300 289 173 348 451 469 358 788 521 901 61539
For additions, improvements or repairs
to this property
2032 131 69 183 198 211 208 370 241 418 60749
To consolidate debts 1992 118 73 162 263 236 155 393 261 330 59251
For investment in other real estate 307 11 16 4 13 12 16 60 65 111 86811
For other types of investments 270 29 15 11 13 22 24 47 25 84 68856
For educational or medical expenses 336 24 21 21 26 26 34 47 48 89 66876
To start a business 99 10 7 10 4 13 0 27 7 20 63398
To settle a divorce 113 0 11 18 11 9 7 36 3 18 60310
To pay taxes 126 0 29 13 12 17 6 27 9 12 44921
To purchase an automobile, truck, or
other vehicle
414 17 22 24 40 75 33 95 40 68 58793
To purchase consumer product other than
automobile, truck, or other vehicle
124 9 0 0 25 9 23 9 13 37 58764
Other 103 17 4 12 24 11 6 4 10 16 38099
Not reported 52 6 0 10 0 3 4 10 6 13 65756
Properties that refinanced
and did not receive cash back
4630 330 100 200 298 426 369 975 591 1340 72123
Properties that refinanced
and did not report if received
cash back
855 143 42 83 98 95 80 149 59 105 46495
Properties that did not
refinance
26625 2587 1168 2186 2558 2867 2910 4439 2917 4991 56684
Not available 0 0 0 0 0 0 0 0 0 0 0

Purpose of Home Equity Line of Credit

Properties with home equity
line of credit
6198 422 158 268 394 517 548 1233 914 1744 72852
Provide funds for additions,
improvements or repairs to this
property
1937 133 40 67 103 128 191 387 321 567 75812
Provide funds for consolidation of debts 1243 65 41 37 100 140 82 285 147 346 70986
Provide funds for investment in other
real estate
122 4 4 5 7 8 7 16 21 50 89463
Provide funds for other types of
investments
148 17 0 3 0 0 21 17 25 65 92576
Provide funds for educational or
medical expenses
166 13 5 0 8 7 11 23 21 79 95905
Provide funds for starting a business 96 14 7 8 7 4 8 28 3 16 59492
Provide funds to settle a divorce 19 0 0 0 0 7 0 8 4 0 65588
Provide funds to pay taxes 52 8 0 4 0 4 7 7 7 15 69629
Provide funds to purchase automobile,
truck, or vehicle
401 18 3 15 10 26 37 91 91 110 80022
Provide funds to purchase another type
of consumer product
70 5 4 0 0 3 0 16 7 35 98212
Other reasons 146 21 0 5 4 9 0 38 8 62 78111
Not reported 1798 122 55 124 157 179 184 316 261 400 64951
Other properties 30212 2927 1325 2550 3011 3342 3170 5119 3174 5594 56153

Total Mortgage Outstanding Debt

Less than $10,000
1108 145 134 201 114 85 94 136 58 141 36440
$10,000 to $19,999 1598 242 175 251 168 217 134 144 120 147 37785
$20,000 to $29,999 2143 200 253 292 258 304 272 288 131 145 42248
$30,000 to $39,999 2437 308 171 337 393 319 236 313 174 187 40314
$40,000 to $49,999 2596 304 175 274 344 337 311 405 161 284 45942
$50,000 to $59,999 2647 255 126 278 375 423 259 506 198 227 46840
$60,000 to $79,999 5327 415 199 488 662 701 671 1045 525 622 52967
$80,000 to $99,999 4606 299 76 287 499 573 655 1047 604 565 58680
$100,000 to $149,999 7207 532 77 270 443 688 784 1636 1174 1603 69895
$150,000 to $199,999 3275 240 36 78 63 153 210 577 578 1341 89738
$200,000 to $249,999 1352 86 16 14 39 29 51 136 197 784 1469167
$250,000 to $299,999 617 44 4 0 13 0 23 22 89 424 2785284
$300,000 or more 1101 107 4 4 6 16 7 65 54 839 3501701
Not reported 395 173 37 44 29 13 12 31 27 29 16460
Median 80655 66473 39362 51148 61098 66784 76305 86180 102588 141682 ...
Mean 100612 87261 49167 57483 75850 73301 81235 93565 111319 169474 56926

Total Outstanding Debt as a Percent
of Value

Less than 20 percent
2684 277 154 247 221 286 257 374 264 604 56134
20 to 29 percent 2170 177 111 165 152 179 179 367 245 595 66675
30 to 39 percent 2808 241 150 184 226 278 285 533 234 677 61499
40 to 49 percent 3568 303 120 209 298 329 356 616 442 895 65499
50 to 59 percent 4916 556 167 410 433 458 474 841 497 1080 59144
60 to 69 percent 5204 393 218 345 466 542 507 914 742 1078 62886
70 to 79 percent 5549 483 136 387 537 695 560 958 656 1137 59578
80 to 89 percent 4023 282 141 316 404 460 461 727 505 726 58848
90 to 99 percent 3188 261 119 322 405 390 412 619 329 331 52324
100 percent or more 1764 185 101 154 217 217 213 358 148 171 50368
Not reported or not computed 537 192 66 79 46 23 15 45 27 43 21265
Median 63 61 60 65 67 67 66 65 65 58 ...

MORTGAGE PAYMENTS AND OTHER EXPENSES


Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
35438 3071 1403 2731 3320 3792 3628 6220 4043 7230 59378
Less than $100 184 54 23 41 16 3 18 14 0 14 23532
$100 to $199 738 121 96 155 60 76 64 87 47 32 29753
$200 to $299 1906 268 262 340 283 215 164 191 98 86 32958
$300 to $399 2838 321 269 459 498 412 287 335 124 132 37424
$400 to $499 3179 392 194 413 450 512 384 428 190 217 42757
$500 to $599 3616 273 168 359 516 506 462 656 323 351 49698
$600 to $699 3501 263 127 261 418 487 483 724 350 387 54012
$700 to $799 3046 194 81 239 291 384 426 678 373 379 57818
$800 to $899 2699 191 49 121 214 312 327 664 426 396 64104
$900 to $999 2389 165 36 99 144 232 295 547 408 463 68179
$1,000 to $1,249 4324 304 41 135 263 389 400 965 695 1132 73061
$1,250 to $1,499 2383 197 29 42 74 135 147 450 474 834 84926
$1,500 or more 4638 326 28 67 94 127 171 483 535 2806 1819260
Median 758 640 426 490 568 635 690 800 922 1258 ...
Mean 955 870 500 616 659 716 759 907 1022 1569 55908
No regular monthly payments
required
972 279 80 87 86 66 90 132 45 108 34743

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
35438 3071 1403 2731 3320 3792 3628 6220 4043 7230 59378
Less than 5 percent 1203 4 4 41 26 32 80 147 160 709 1596588
5 to 9 percent 5808 4 29 140 233 450 517 1204 940 2291 86962
10 to 14 percent 8617 6 71 390 630 920 1035 1886 1370 2309 73331
15 to 19 percent 6719 4 141 418 712 928 904 1574 909 1131 63226
20 to 24 percent 4083 21 205 463 609 604 546 746 421 468 52563
25 to 29 percent 2222 19 150 323 387 407 293 360 123 160 45698
30 to 34 percent 1320 28 130 304 260 189 107 142 63 96 37587
35 to 39 percent 785 6 126 188 191 118 62 61 16 18 33799
40 to 49 percent 834 11 197 245 134 79 72 59 22 15 28549
50 percent or more 1302 424 351 220 137 65 12 41 20 32 16476
Not reported or not computed 2545 2545 0 0 0 0 0 0 0 0 -495000
Median 16 3832 34 24 20 18 16 15 13 11 ...
No regular monthly payments
required
972 279 80 87 86 66 90 132 45 108 34743

Real Estate Tax

Acquired before 2000
31331 2874 1324 2339 2804 3325 3171 5572 3570 6353 59461
Less than $100 5558 926 366 588 573 658 610 749 452 637 44962
$100 to $199 329 34 42 67 53 36 45 17 21 14 34084
$200 to $299 455 72 22 80 99 35 45 79 10 13 35412
$300 to $399 786 69 105 102 136 117 78 117 32 29 38617
$400 to $499 793 87 74 114 108 95 113 103 52 47 41445
$500 to $599 826 78 51 118 152 112 101 122 61 30 41250
$600 to $699 995 87 59 164 127 155 86 197 69 51 43892
$700 to $799 1008 86 65 149 124 114 129 201 80 59 46971
$800 to $899 998 68 61 70 138 136 165 160 127 72 51526
$900 to $999 949 46 50 84 66 201 108 185 107 102 52597
$1,000 to $1,249 2862 260 115 254 298 384 340 544 306 362 53522
$1,250 to $1,499 1701 81 67 115 184 235 178 393 184 264 59481
$1,500 to $1,999 3423 180 59 158 258 451 483 799 504 532 63089
$2,000 to $2,499 2775 168 79 97 174 225 240 630 493 669 72845
$2,500 or more 7634 534 81 159 301 356 451 1249 1053 3451 93044
Not reported 239 98 27 20 16 15 0 27 15 21 17890
Median 1249 741 577 655 817 998 1078 1439 1772 8252272 ...
Mean 1817 1359 801 883 1123 1174 1304 1719 1974 3465 62991
Acquired 2000 and 2001 (part) 5079 476 159 479 602 533 547 780 519 984 55319

Real Estate Tax as Percent of Income

Acquired before 2000
31331 2874 1324 2339 2804 3325 3171 5572 3570 6353 59461
Less than 1.0 percent 7411 103 387 697 788 869 914 1312 825 1516 59429
1.0 to 1.9 percent 5966 20 52 257 457 561 630 1279 919 1792 75751
2.0 to 2.9 percent 5511 17 148 327 344 659 592 1149 845 1431 71662
3.0 to 3.9 percent 3524 6 81 254 363 488 417 722 458 735 64267
4.0 to 4.9 percent 2164 30 110 227 234 282 230 416 245 390 58637
5.0 to 7.4 percent 2428 10 201 282 337 320 252 502 200 325 52560
7.5 to 9.9 percent 774 44 75 119 111 75 95 98 43 113 45011
10.0 percent or more 1021 252 242 158 155 58 41 68 19 28 21028
Not reported or computed 2533 2392 27 20 16 15 0 27 15 21 -465220
Median 2.2 446.3 3.8 2.6 2.4 2.3 2.1 2.2 2.0 1.9 ...
Other properties 5079 476 159 479 602 533 547 780 519 984 55319

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00