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Residential Finance Survey: 2001 - Northeast
Table 4-1b. Mortgage Status, 1-Housing-Unit Rental and Vacant 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.
Monthly Rental Receipts, Rental Receipts as Percent of Value, Rental Vacancy Losses as Percent of Potential Receipts, and Real Estate Tax as Percent of Rental Receipts acquired before 2000 exclude properties with less than half of units in rental market during all of year preceding survey and cooperatively owned apartments^^

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

1-housing-unit properties
1296 799 497 474 23

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
1103 675 428 406 23
In central cities 231 114 117 111 6
Not in central cities 872 560 311 295 17
Outside MAs 193 124 69 69 0

Manner of Acquisition

By purchase
976 551 425 408 18
Placed one new mortgage 565 194 371 353 18
Placed two or more new mortgages 0 0 0 0 0
Assumed mortgage(s) already on property 40 12 28 28 0
Assumed mortgage(s) already on property
and placed new mortgage
8 8 0 0 0
Borrowed using assets other than this
property as collateral
47 27 20 20 0
Paid all cash-no borrowing 311 305 6 6 0
Other manner 6 6 0 0 0
By inheritance or gift 158 130 28 23 5
By divorce 20 20 0 0 0
By tax free exchange of
other property
0 0 0 0 0
By foreclosure or assignment 28 22 6 6 0
By some other manner 11 11 0 0 0
Not reported 103 65 38 38 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
351 117 234 227 7
Sale of stock or other partnership
shares for this project
6 0 6 6 0
Sale of previously owned stocks,
shares, or other securities
23 0 23 23 0
Sale of land or other real estate 27 6 21 21 0
Owner's cash, bank deposits,
share accounts, or bonds
142 41 101 101 0
Borrowing from a retirement plan 17 0 17 17 0
Borrowing using assets other than this
property as collateral
55 10 45 45 0
Proceeds from an insurance policy 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
Proceeds from sale of tax credits 0 0 0 0 0
From parents or relatives 6 6 0 0 0
Other cash source 0 0 0 0 0
Non-cash source 0 0 0 0 0
No downpayment required 36 18 17 11 7
Not reported 49 36 13 13 0
Other properties 887 662 225 209 16
Not reported 58 20 38 38 0

Year Property Acquired

1999 to 2001 (part)
275 141 134 128 7
1997 and 1998 163 56 107 107 0
1995 and 1996 96 43 52 47 5
1990 to 1994 188 108 80 80 0
1985 to 1989 162 105 57 52 5
1980 to 1984 108 90 18 18 0
1975 to 1979 57 36 21 21 0
1970 to 1974 89 76 13 7 6
1969 or earlier 158 144 14 14 0

Building and Land Acquisition

Acquired at same time
1132 697 435 412 23
Not acquired at same time 86 58 28 28 0
Land not owned by building owner 32 13 18 18 0
Not reported 47 31 16 16 0

Property New or Previously Owned When
Acquired

Acquired by purchase
976 551 425 408 18
New 115 62 53 47 6
Previously owned 853 481 372 361 12
As residential property 847 481 366 354 12
Converted from nonresidential use 6 0 6 6 0
Other 0 0 0 0 0
Not reported 8 8 0 0 0
Other properties 217 183 34 28 5
Not reported 103 65 38 38 0

Year Structure Built

1999 to March 2000
23 0 23 23 0
1997 and 1998 16 8 8 8 0
1995 and 1996 18 13 5 5 0
1990 to 1994 18 6 13 13 0
1980 to 1989 96 47 50 50 0
1970 to 1979 83 55 28 28 0
1960 to 1969 91 25 66 53 13
1950 to 1959 260 141 119 109 10
1940 to 1949 172 126 45 45 0
1939 or earlier 519 378 141 141 0

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
280 85 195 188 7
Less than $20,000 33 21 13 13 0
$20,000 to $39,999 23 4 19 19 0
$40,000 to $59,999 14 0 14 14 0
$60,000 to $79,999 64 20 44 37 7
$80,000 to $99,999 39 19 20 20 0
$100,000 to $124,999 22 0 22 22 0
$125,000 to $149,999 37 7 30 30 0
$150,000 to $174,999 2 2 0 0 0
$175,000 to $199,999 6 6 0 0 0
$200,000 to $249,999 21 0 21 21 0
$250,000 to $299,999 14 6 8 8 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 5 0 5 5 0
Median 82864 77193 88585 91969 70000
Mean 104077 85220 112307 113619 75000
Other properties 1016 714 302 286 16

Value

Less than $20,000
101 101 0 0 0
$20,000 to $39,999 192 143 49 49 0
$40,000 to $59,999 147 78 69 69 0
$60,000 to $79,999 153 100 53 40 13
$80,000 to $99,999 135 72 63 63 0
$100,000 to $124,999 101 39 62 62 0
$125,000 to $149,999 77 59 18 18 0
$150,000 to $174,999 74 17 57 52 5
$175,000 to $199,999 63 40 24 24 0
$200,000 to $249,999 88 41 47 42 5
$250,000 to $299,999 42 41 1 1 0
$300,000 to $499,999 60 30 30 30 0
$500,000 or more 63 39 24 24 0
Median 88201 75592 105862 106369 78020
Mean 132556 122220 149166 150444 122586

Purchase Price as Percent of Value@8

Acquired by purchase
976 551 425 408 18
Purchased 1997 to 2001 (part) 280 85 195 188 7
Less than 60 percent 46 0 46 46 0
60 to 69 percent 8 0 8 8 0
70 to 79 percent 48 13 35 35 0
80 to 99 percent 76 11 65 65 0
100 percent or more 102 62 40 34 7
Median 90 2919 82 81 4651
Purchased 1990 to 1996 (part) 237 123 114 114 0
Less than 40 percent 19 12 6 6 0
40 to 59 percent 29 10 19 19 0
60 to 79 percent 70 32 38 38 0
80 to 99 percent 46 36 11 11 0
100 percent or more 73 33 40 40 0
Median 80 84 77 77 0
Purchased 1989 or earlier 459 342 117 106 11
Less than 20 percent 115 83 32 32 0
20 to 39 percent 92 78 14 8 6
40 to 59 percent 71 60 11 6 5
60 to 79 percent 66 49 17 17 0
80 to 99 percent 52 31 21 21 0
100 percent or more 57 36 22 22 0
Median 46 42 62 68 38
Not acquired by purchase 320 248 72 67 5

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
546 284 263 251 12
Less than $500 16 8 8 8 0
$500 to $999 8 8 0 0 0
$1,000 to $2,499 106 37 68 61 7
$2,500 to $4,999 135 97 38 33 5
$5,000 to $7,499 131 73 58 58 0
$7,500 to $9,999 10 6 4 4 0
$10,000 to $14,999 50 25 25 25 0
$15,000 to $19,999 22 0 22 22 0
$20,000 to $29,999 21 15 6 6 0
$30,000 or more 46 13 33 33 0
Median 5151 4757 5750 6000 2310
Mean 10776 6675 15203 15805 2141
Properties with no capital
improvements between 1998 and 2000
594 404 190 179 11
Capital improvements not
reported
156 111 45 45 0

Monthly Rental Receipts

Acquired before 2000
1122 692 430 407 23
Less than $100 14 9 5 5 0
$100 to $199 60 48 12 12 0
$200 to $299 70 55 15 15 0
$300 to $399 87 58 28 22 7
$400 to $499 127 64 62 62 0
$500 to $599 139 83 56 56 0
$600 to $799 95 38 56 56 0
$800 to $999 112 91 21 21 0
$1000 or more 245 117 128 123 5
No rental receipts 174 129 46 34 11
Median 584 557 648 651 387
Mean 2988 640 6767 7127 326
Acquired 2000 and 2001 (part) 174 107 67 67 0

Rental Receipts as Percent of Value@8

Acquired before 2000
1122 692 430 407 23
Less than 5 percent 106 64 42 42 0
5 to 9 percent 233 133 99 88 12
10 to 14 percent 498 308 190 190 0
15 to 19 percent 36 21 15 15 0
20 to 24 percent 18 0 18 18 0
25 to 29 percent 2 0 2 2 0
30 to 39 percent 15 10 5 5 0
40 percent or more 28 20 8 8 0
Median 11 11 11 11 8
Acquired 2000 and 2001 (part) 174 107 67 67 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
1122 692 430 407 23
Less than 1.0 percent 327 196 131 131 0
1.0 to 2.9 percent 5 0 5 5 0
3.0 to 4.9 percent 0 0 0 0 0
5.0 to 6.9 percent 0 0 0 0 0
7.0 to 8.9 percent 7 0 7 7 0
9.0 to 10.9 percent 1 0 1 1 0
11.0 to 12.9 percent 0 0 0 0 0
13.0 to 14.9 percent 0 0 0 0 0
15.0 percent or more 87 50 36 30 7
Not reported or not computed 696 446 250 234 16
Median 0.7 0.6 0.7 0.7 57.5
Acquired 2000 and 2001 (part) 174 107 67 67 0

Age Restrictions

Property restricted to people
age 55 or older
176 108 67 57 10
Property not restricted to people
age 55 or older
1095 685 410 397 13
Not reported 25 5 20 20 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
0 0 0 0 0
Government rental subsidy 6 0 6 6 0
Government grant 0 0 0 0 0
Property tax relief 25 0 25 20 5
Federal income tax credit for
low-income, old or historic properties
0 0 0 0 0
Accelerated federal income tax
depreciation for low- and
moderate-income properties
0 0 0 0 0
Subsidy from a non-profit corporation 16 8 8 8 0
None of the above benefits 1176 743 433 416 18
Not reported 73 48 25 25 0

Source of Property Benefits@1

With property benefits
47 8 39 34 5
Federal government 0 0 0 0 0
State government 21 0 21 21 0
Local government 5 0 5 0 5
Non-profit corporation 16 8 8 8 0
Not reported 5 0 5 5 0
With no property benefits 1176 743 433 416 18
Not reported 73 48 25 25 0

Reason for Benefits@1

With property benefits
47 8 39 34 5
Occupied by low- or moderate-income
individuals
12 0 12 6 5
Occupied by elderly or disabled
individuals
5 0 5 0 5
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
0 0 0 0 0
Covered by a Homestead Exemption 0 0 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 30 8 22 17 5
Not reported 11 0 11 11 0
With no property benefits 1176 743 433 416 18
Not reported 73 48 25 25 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
1035 621 414 397 16
Limited partnership 70 40 31 24 7
Joint venture 0 0 0 0 0
General partnership 9 2 6 6 0
Life insurance company 0 0 0 0 0
Depository institution 0 0 0 0 0
Public real estate investment trust 6 6 0 0 0
Private real estate investment trust 8 8 0 0 0
Corporation - other than real estate
investment trust
58 30 27 27 0
Housing cooperative organization 8 8 0 0 0
Non-profit or church-related institution 54 46 8 8 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 50 38 12 12 0

RECURRING EXPENSES


Real Estate Tax

Acquired before 2000
1122 692 430 407 23
Less than $100 64 64 0 0 0
$100 to $199 21 21 0 0 0
$200 to $299 48 48 0 0 0
$300 to $399 48 25 23 23 0
$400 to $499 30 13 17 17 0
$500 to $599 65 49 15 9 7
$600 to $699 48 21 27 27 0
$700 to $799 49 26 23 23 0
$800 to $899 35 22 13 13 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 86 27 60 60 0
$1,250 to $1,499 49 33 15 15 0
$1,500 to $1,999 138 62 76 70 6
$2,000 to $2,499 85 54 32 32 0
$2,500 or more 324 204 121 111 10
Not reported 33 24 8 8 0
Median 1509 1388 1614 1589 1896
Mean 9311 13711 2345 2360 2074
Acquired 2000 and 2001 (part) 174 107 67 67 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
1122 692 430 407 23
Less than $5 50 41 8 8 0
$5 to $9 268 159 109 103 7
$10 to $14 120 74 46 46 0
$15 to $19 199 96 103 98 5
$20 to $24 129 88 41 36 5
$25 to $29 71 40 31 25 6
$30 to $39 239 156 83 83 0
$40 to $49 7 7 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 2 2 0 0 0
Not reported or not computed 37 29 8 8 0
Median 18 18 17 17 20
Acquired 2000 and 2001 (part) 174 107 67 67 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
1122 692 430 407 23
Less than 5 percent 71 55 16 16 0
5 to 9 percent 165 92 73 73 0
10 to 14 percent 138 51 87 81 7
15 to 19 percent 144 83 61 61 0
20 to 24 percent 73 39 33 33 0
25 to 29 percent 148 98 50 45 5
30 to 34 percent 45 32 12 12 0
35 to 39 percent 28 19 10 10 0
40 percent or more 96 68 29 29 0
Not reported or not computed 214 155 59 48 11
Median 18 19 16 16 14
Acquired 2000 and 2001 (part) 174 107 67 67 0

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