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Residential Finance Survey

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Residential Finance Survey: 2001 - Midwest
Table 3-1c. Mortgage Status, 2- to 4-Unit Homeowner Properties
^Number of properties in thousands. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text.
@3Permanent (closed end) mortgages - excludes properties with home equity lines of credit as only mortgage^^

Mortgaged properties
Total properties Nonmortgaged properties Total mortgaged properties Properties with traditional
first mortgage@3
Properties with home
equity line of credit only

2- to 4-housing-unit properties
229 82 147 137 10

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
205 70 134 126 8
In central cities 115 43 71 67 4
Not in central cities 90 27 63 59 4
Outside MAs 24 12 12 11 2

Manner of Acquisition

By purchase
212 69 143 135 8
Placed one new mortgage 167 36 131 125 6
Placed two or more new mortgages 8 1 7 7 0
Assumed mortgage(s) already on property 8 5 3 2 2
Assumed mortgage(s) already on property
and placed new mortgage
0 0 0 0 0
Borrowed using assets other than this
property as collateral
6 6 0 0 0
Paid all cash-no borrowing 24 22 2 2 0
Other manner 0 0 0 0 0
By inheritance or gift 16 12 4 2 2
By divorce 0 0 0 0 0
By some other manner 0 0 0 0 0
Not reported 1 1 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
103 26 77 77 0
Sale of previous home 27 6 21 21 0
Sale of other real property or other
investments
10 4 6 6 0
Savings 63 15 48 48 0
Borrowing from a retirement plan 7 4 3 3 0
Borrowing using assets other than this
property as collateral
2 1 2 2 0
Proceeds from an insurance policy 4 2 2 2 0
Payments in a lease-purchase agreement 0 0 0 0 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 0 0 0 0 0
From parents or relatives 10 3 7 7 0
Other 0 0 0 0 0
No downpayment required 11 3 8 8 0
Not reported 3 3 0 0 0
Other properties 125 56 70 60 10
Not reported 1 1 0 0 0

Year Property Acquired

1999 to 2001 (part)
42 12 30 29 2
1997 and 1998 28 3 25 25 0
1995 and 1996 35 12 23 23 0
1990 to 1994 25 8 17 17 0
1985 to 1989 27 9 18 18 0
1980 to 1984 17 4 13 11 2
1975 to 1979 16 8 8 8 1
1970 to 1974 10 6 4 0 4
1969 or earlier 29 21 8 7 2

Building and Land Acquisition

Acquired at same time
212 76 136 126 10
Not acquired at same time 10 3 7 7 0
Land not owned by building owner 3 2 1 1 0
Not reported 4 1 3 3 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
212 69 143 135 8
New 19 10 9 9 0
Previously occupied by someone else 194 59 134 126 8
Converted from non-residential use 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Other properties 16 12 4 2 2
Not reported 1 1 0 0 0

Year Structure Built

1999 to March 2000
7 3 3 3 0
1997 and 1998 2 0 2 2 0
1995 and 1996 6 2 4 4 0
1990 to 1994 3 0 3 3 0
1980 to 1989 7 1 6 6 0
1970 to 1979 29 13 17 17 0
1960 to 1969 11 7 3 2 2
1950 to 1959 29 17 13 12 1
1940 to 1949 17 5 12 12 0
1939 or earlier 119 34 85 77 7

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
68 14 54 54 0
Less than $20,000 10 8 2 2 0
$20,000 to $39,999 12 3 9 9 0
$40,000 to $59,999 19 2 17 17 0
$60,000 to $79,999 11 0 11 11 0
$80,000 to $99,999 8 0 8 8 0
$100,000 to $124,999 6 2 4 4 0
$125,000 to $149,999 0 0 0 0 0
$150,000 to $174,999 3 0 3 3 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 0 0 0 0 0
Median 52991 20000- 58486 58486 20000-
Mean 57738 34398 63818 63818 0
Other properties 161 68 93 83 10

Value

Less than $20,000
6 4 2 2 0
$20,000 to $39,999 11 11 0 0 0
$40,000 to $59,999 16 8 8 6 2
$60,000 to $79,999 25 10 15 14 2
$80,000 to $99,999 28 6 22 19 2
$100,000 to $124,999 35 9 26 24 2
$125,000 to $149,999 23 10 14 12 2
$150,000 to $174,999 27 6 20 20 0
$175,000 to $199,999 9 1 8 8 0
$200,000 to $249,999 29 10 18 18 1
$250,000 to $299,999 5 2 2 2 0
$300,000 to $499,999 10 4 6 6 0
$500,000 or more 7 2 5 5 0
Median 121156 108522 125697 130823 93377
Mean 143685 126163 153519 157856 92054

Value Per Housing Unit@8

Less than $20,000
20 15 6 6 0
$20,000 to $39,999 42 19 24 19 5
$40,000 to $59,999 54 11 42 40 2
$60,000 to $79,999 55 19 36 34 2
$80,000 to $99,999 12 3 9 9 0
$100,000 to $124,999 24 9 16 16 0
$125,000 to $149,999 4 1 3 3 0
$150,000 to $174,999 5 2 3 3 0
$175,000 to $199,999 4 2 3 3 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 4 0 4 4 0
$300,000 to $499,999 3 2 1 1 0
$500,000 or more 0 0 0 0 0
Median 59300 53598 60967 62434 39591
Mean 68433 60375 72956 75196 41209

Purchase Price as Percent of Value@8

Acquired by purchase
212 69 143 135 8
Purchased 1997 to 2001 (part) 68 14 54 54 0
Less than 60 percent 18 12 7 7 0
60 to 69 percent 3 2 1 1 0
70 to 79 percent 5 0 5 5 0
80 to 99 percent 24 0 24 24 0
100 percent or more 17 0 17 17 0
Median 86 60- 91 91 60-
Purchased 1990 to 1996 (part) 58 18 40 40 0
Less than 40 percent 6 1 5 5 0
40 to 59 percent 12 2 10 10 0
60 to 79 percent 21 7 14 14 0
80 to 99 percent 11 3 8 8 0
100 percent or more 5 2 3 3 0
Median 68 72 67 67 40-
Purchased 1989 or earlier 87 37 49 41 8
Less than 20 percent 18 8 10 6 4
20 to 39 percent 21 8 12 8 4
40 to 59 percent 19 7 11 11 0
60 to 79 percent 20 13 7 7 0
80 to 99 percent 1 0 1 1 0
100 percent or more 8 0 8 8 0
Median 45 45 44 52 20
Not acquired by purchase 16 13 4 2 2

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
130 34 95 87 8
Less than $500 0 0 0 0 0
$500 to $999 8 6 3 3 0
$1,000 to $2,499 12 3 10 8 2
$2,500 to $4,999 14 7 7 7 0
$5,000 to $7,499 19 1 17 15 2
$7,500 to $9,999 8 2 6 6 0
$10,000 to $14,999 21 5 16 16 0
$15,000 to $19,999 11 4 7 7 1
$20,000 to $29,999 14 4 10 10 0
$30,000 or more 23 4 19 15 4
Median 10868 7922 11554 11511 16136
Mean 16977 12072 18757 18587 20617
Properties with no capital
improvements between 1998 and 2000
80 28 51 50 2
Capital improvements not
reported
20 19 0 0 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
130 34 95 87 8
Less than $500 12 6 7 5 2
$500 to $999 0 0 0 0 0
$1,000 to $2,499 26 10 17 17 0
$2,500 to $4,999 24 5 19 17 2
$5,000 to $7,499 22 5 17 16 1
$7,500 to $9,999 11 4 7 7 0
$10,000 to $14,999 12 2 10 10 0
$15,000 to $19,999 6 2 5 5 0
$20,000 to $29,999 10 0 10 6 4
$30,000 or more 6 2 5 5 0
Median 5229 3433 5730 5736 5568
Mean 8128 5629 9035 8941 10058
Properties with no capital
improvements between 1998 and 2000
80 28 51 50 2
Capital improvements not
reported
20 19 0 0 0

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
7 0 7 7 0
Property located in subdivision not
restricted to people age 55 or older
214 76 138 129 10
Not reported 8 6 2 2 0

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
16 3 13 9 4
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
149 53 96 92 4
Don't know or not reported 64 26 37 36 2

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
6 0 6 6 0
Other government grant or subsidy 0 0 0 0 0
Property tax relief 33 13 20 20 0
Subsidy from a non-profit corporation 0 0 0 0 0
None of the above benefits 160 62 98 90 8
Not reported 30 7 22 21 2

Source of Property Benefits@1

With property benefits
39 13 26 26 0
Federal government 9 3 6 6 0
State government 9 3 6 6 0
Local government 21 7 14 14 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 160 62 98 90 8
Not reported 30 7 22 21 2

Reason for Benefits@1

With property benefits
39 13 26 26 0
Occupied by low- or moderate-income
individuals
3 0 3 3 0
Occupied by elderly or disabled
individuals
7 5 2 2 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
3 0 3 3 0
Covered by a Homestead Exemption 23 8 15 15 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 3 0 3 3 0
With no property benefits 160 62 98 90 8
Not reported 30 7 22 21 2

OWNER CHARACTERISTICS


Owner Status

1 owner
130 54 77 72 5
2 owners 94 26 68 63 5
3 or more owners 4 2 2 2 0

Age of Owner

Under 25
3 0 3 3 0
25 to 34 19 0 19 19 0
35 to 44 38 8 30 30 0
45 to 54 45 2 43 39 4
55 to 64 38 12 26 24 2
65 to 74 35 19 16 12 3
75 and over 34 30 4 4 0
Not reported 17 10 7 7 0
Median 55 72 49 48 59

Race of Owner

White alone
174 64 110 102 7
Black or African American alone 44 15 28 26 2
American Indian or Alaska Native alone 0 0 0 0 0
Asian alone 6 3 3 3 0
Native Hawaiian or Other Pacific
Islander alone
3 0 3 3 0
Two or more races 3 0 3 3 0

Sex of Owner

Male/Male and female co-owners
140 44 97 92 5
Female 89 39 50 45 5

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
28 2 26 26 0
No Hispanic/Latino owner(s) 201 80 121 111 10

Veteran Status@1

Veteran
53 24 29 29 0
Active member of Reserves or National
Guard for at least 6 years
2 2 0 0 0
Persian Gulf War or after
(August 1990 to present)
4 1 3 3 0
Vietnam or after
(August 1964 to July 1990)
16 2 14 14 0
Korean conflict or after
(July 1950 to July 1964)
13 6 7 7 0
World War II or after
(September 1940 to June 1950)
19 14 5 5 0
Nonveteran 158 48 110 100 10
Not reported 17 10 8 8 0

Income

Less than $5,000
23 7 16 14 2
$5,000 to $9,999 11 6 5 5 0
$10,000 to $14,999 12 10 2 2 0
$15,000 to $19,999 15 6 9 7 2
$20,000 to $24,999 9 1 8 8 0
$25,000 to $29,999 19 10 9 5 3
$30,000 to $34,999 15 5 11 11 0
$35,000 to $39,999 15 3 12 10 2
$40,000 to $49,999 29 8 21 21 0
$50,000 to $59,999 20 8 12 12 0
$60,000 to $79,999 17 3 15 15 0
$80,000 to $99,999 23 9 13 13 1
$100,000 to $119,999 15 4 11 11 0
$120,000 or more 7 3 3 3 0
Median 38668 31171 41153 43179 26408
Mean 45297 43060 46552 48196 23257

Owned Home Previously

Previously owned home
116 43 73 69 4
Never owned home before 100 31 68 62 6
Not reported 13 8 5 5 0

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
200 72 128 120 8
Less than $100 33 19 14 14 0
$100 to $199 7 5 2 2 0
$200 to $299 10 4 6 4 2
$300 to $399 4 0 4 2 2
$400 to $499 23 9 14 11 2
$500 to $599 18 4 14 14 0
$600 to $699 10 6 4 4 0
$700 to $799 8 2 6 6 0
$800 to $899 6 3 4 4 0
$900 to $999 10 0 10 10 0
$1,000 to $1,249 21 6 15 15 1
$1,250 to $1,499 17 0 17 15 2
$1,500 to $1,999 15 7 9 9 0
$2,000 to $2,499 8 3 5 5 0
$2,500 or more 8 2 7 7 0
Not reported 2 2 0 0 0
Median 647 470 843 885 432
Mean 845 682 934 957 590
Acquired 2000 and 2001 (part) 29 10 19 17 2

Real Estate Tax Per $1,000 Value

Acquired before 2000
200 72 128 120 8
Less than $5 35 19 16 16 0
$5 to $9 35 13 22 20 2
$10 to $14 44 7 36 32 4
$15 to $19 43 9 34 32 2
$20 to $24 10 6 4 4 0
$25 to $29 9 3 6 6 0
$30 to $39 22 12 10 10 0
$40 to $49 0 0 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 0 0 0 0 0
Not reported or not computed 2 2 0 0 0
Median 13 11 13 13 13
Acquired 2000 and 2001 (part) 29 10 19 17 2

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