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Residential Finance Survey

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Residential Finance Survey: 2001 - Midwest
Table 4-1c. 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
2147 1221 926 914 13

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
1276 664 612 599 13
In central cities 616 295 321 316 6
Not in central cities 660 370 291 284 7
Outside MAs 871 556 314 314 0

Manner of Acquisition

By purchase
1812 939 873 861 13
Placed one new mortgage 1079 310 769 762 7
Placed two or more new mortgages 39 13 26 26 0
Assumed mortgage(s) already on property 85 32 53 53 0
Assumed mortgage(s) already on property
and placed new mortgage
0 0 0 0 0
Borrowed using assets other than this
property as collateral
31 21 10 5 6
Paid all cash-no borrowing 508 499 9 9 0
Other manner 69 64 5 5 0
By inheritance or gift 190 190 0 0 0
By divorce 7 7 0 0 0
By tax free exchange of
other property
5 5 0 0 0
By foreclosure or assignment 24 16 8 8 0
By some other manner 43 17 26 26 0
Not reported 66 47 19 19 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
801 253 548 541 7
Sale of stock or other partnership
shares for this project
11 4 7 7 0
Sale of previously owned stocks,
shares, or other securities
8 0 8 8 0
Sale of land or other real estate 48 5 43 43 0
Owner's cash, bank deposits,
share accounts, or bonds
438 121 316 316 0
Borrowing from a retirement plan 12 0 12 12 0
Borrowing using assets other than this
property as collateral
35 8 27 27 0
Proceeds from an insurance policy 13 0 13 13 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 46 22 24 24 0
Other cash source 44 24 19 19 0
Non-cash source 0 0 0 0 0
No downpayment required 134 39 95 88 7
Not reported 72 33 39 39 0
Other properties 1312 947 365 359 6
Not reported 34 21 13 13 0

Year Property Acquired

1999 to 2001 (part)
469 211 258 258 0
1997 and 1998 258 104 154 154 0
1995 and 1996 234 70 163 157 7
1990 to 1994 383 248 135 135 0
1985 to 1989 290 180 109 109 0
1980 to 1984 112 73 39 34 6
1975 to 1979 149 117 32 32 0
1970 to 1974 149 133 16 16 0
1969 or earlier 104 85 19 19 0

Building and Land Acquisition

Acquired at same time
1967 1090 876 864 13
Not acquired at same time 106 88 18 18 0
Land not owned by building owner 10 0 10 10 0
Not reported 64 42 22 22 0

Property New or Previously Owned When
Acquired

Acquired by purchase
1812 939 873 861 13
New 215 137 78 78 0
Previously owned 1575 788 786 774 13
As residential property 1548 762 786 773 13
Converted from nonresidential use 26 26 0 0 0
Other 13 13 0 0 0
Not reported 9 0 9 9 0
Other properties 269 235 34 34 0
Not reported 66 47 19 19 0

Year Structure Built

1999 to March 2000
109 61 48 48 0
1997 and 1998 58 30 28 28 0
1995 and 1996 29 0 29 29 0
1990 to 1994 76 54 21 21 0
1980 to 1989 90 35 55 55 0
1970 to 1979 201 119 83 83 0
1960 to 1969 178 94 84 84 0
1950 to 1959 393 186 207 200 7
1940 to 1949 273 157 116 116 0
1939 or earlier 740 484 256 250 6

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
595 207 388 388 0
Less than $20,000 114 62 51 51 0
$20,000 to $39,999 87 41 46 46 0
$40,000 to $59,999 121 21 99 99 0
$60,000 to $79,999 75 24 51 51 0
$80,000 to $99,999 72 20 52 52 0
$100,000 to $124,999 16 9 7 7 0
$125,000 to $149,999 31 4 28 28 0
$150,000 to $174,999 24 0 24 24 0
$175,000 to $199,999 29 16 13 13 0
$200,000 to $249,999 15 0 15 15 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 11 10 1 1 0
$500,000 or more 0 0 0 0 0
Median 55971 40142 59389 59389 0
Mean 72646 67060 75616 75616 0
Other properties 1552 1014 538 525 13

Value

Less than $20,000
240 185 55 49 6
$20,000 to $39,999 387 271 116 109 7
$40,000 to $59,999 360 191 170 170 0
$60,000 to $79,999 394 197 197 197 0
$80,000 to $99,999 285 138 146 146 0
$100,000 to $124,999 116 75 42 42 0
$125,000 to $149,999 104 28 76 76 0
$150,000 to $174,999 55 5 50 50 0
$175,000 to $199,999 42 11 31 31 0
$200,000 to $249,999 52 27 26 26 0
$250,000 to $299,999 49 39 9 9 0
$300,000 to $499,999 51 44 7 7 0
$500,000 or more 10 10 1 1 0
Median 64347 56131 72449 73086 21948
Mean 80653 78353 83684 84505 23834

Purchase Price as Percent of Value@8

Acquired by purchase
1812 939 873 861 13
Purchased 1997 to 2001 (part) 595 207 388 388 0
Less than 60 percent 67 29 38 38 0
60 to 69 percent 34 14 19 19 0
70 to 79 percent 70 14 57 57 0
80 to 99 percent 174 13 161 161 0
100 percent or more 244 130 114 114 0
Median 94 2213 90 90 0
Purchased 1990 to 1996 (part) 529 235 295 288 7
Less than 40 percent 106 56 50 43 7
40 to 59 percent 116 62 54 54 0
60 to 79 percent 148 40 108 108 0
80 to 99 percent 87 45 42 42 0
100 percent or more 72 32 40 40 0
Median 66 60 68 69 20
Purchased 1989 or earlier 688 497 190 185 6
Less than 20 percent 84 72 12 12 0
20 to 39 percent 149 123 26 26 0
40 to 59 percent 133 102 31 31 0
60 to 79 percent 162 96 66 66 0
80 to 99 percent 17 12 6 6 0
100 percent or more 131 81 50 44 6
Median 56 49 68 67 3176
Not acquired by purchase 335 282 53 53 0

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
879 428 452 439 13
Less than $500 27 16 12 12 0
$500 to $999 75 37 38 31 7
$1,000 to $2,499 191 102 90 84 6
$2,500 to $4,999 193 114 79 79 0
$5,000 to $7,499 203 85 119 119 0
$7,500 to $9,999 66 18 49 49 0
$10,000 to $14,999 41 20 21 21 0
$15,000 to $19,999 51 28 23 23 0
$20,000 to $29,999 22 8 14 14 0
$30,000 or more 8 0 8 8 0
Median 4391 3797 5168 5300 951
Mean 5686 4909 6420 6566 1335
Properties with no capital
improvements between 1998 and 2000
1060 662 398 398 0
Capital improvements not
reported
208 131 77 77 0

Monthly Rental Receipts

Acquired before 2000
1876 1089 787 775 13
Less than $100 76 56 20 14 6
$100 to $199 138 81 58 58 0
$200 to $299 93 59 35 35 0
$300 to $399 269 177 92 92 0
$400 to $499 252 117 135 128 7
$500 to $599 230 126 105 105 0
$600 to $799 209 81 128 128 0
$800 to $999 106 56 50 50 0
$1000 or more 179 80 99 99 0
No rental receipts 323 256 67 67 0
Median 479 437 521 527 410
Mean 776 442 1239 1255 242
Acquired 2000 and 2001 (part) 271 132 139 139 0

Rental Receipts as Percent of Value@8

Acquired before 2000
1876 1089 787 775 13
Less than 5 percent 120 68 51 51 0
5 to 9 percent 445 200 245 245 0
10 to 14 percent 730 390 340 333 7
15 to 19 percent 69 44 26 26 0
20 to 24 percent 46 22 24 24 0
25 to 29 percent 20 14 6 6 0
30 to 39 percent 11 11 0 0 0
40 percent or more 45 37 9 9 0
Median 11 12 11 11 13
Acquired 2000 and 2001 (part) 271 132 139 139 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
1876 1089 787 775 13
Less than 1.0 percent 637 322 315 308 7
1.0 to 2.9 percent 0 0 0 0 0
3.0 to 4.9 percent 16 8 7 7 0
5.0 to 6.9 percent 0 0 0 0 0
7.0 to 8.9 percent 37 15 22 22 0
9.0 to 10.9 percent 12 12 0 0 0
11.0 to 12.9 percent 18 0 18 18 0
13.0 to 14.9 percent 1 0 1 1 0
15.0 percent or more 117 50 67 67 0
Not reported or not computed 1038 682 356 350 6
Median 0.7 0.6 0.7 0.7 0.5
Acquired 2000 and 2001 (part) 271 132 139 139 0

Age Restrictions

Property restricted to people
age 55 or older
299 194 105 105 0
Property not restricted to people
age 55 or older
1801 1004 796 789 7
Not reported 47 22 25 20 6

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
4 0 4 4 0
Government rental subsidy 54 12 41 41 0
Government grant 7 7 0 0 0
Property tax relief 7 7 0 0 0
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 5 5 0 0 0
None of the above benefits 1866 1070 796 784 13
Not reported 205 120 84 84 0

Source of Property Benefits@1

With property benefits
76 31 46 46 0
Federal government 34 19 14 14 0
State government 11 0 11 11 0
Local government 27 7 20 20 0
Non-profit corporation 5 5 0 0 0
Not reported 0 0 0 0 0
With no property benefits 1866 1070 796 784 13
Not reported 205 120 84 84 0

Reason for Benefits@1

With property benefits
76 31 46 46 0
Occupied by low- or moderate-income
individuals
65 19 46 46 0
Occupied by elderly or disabled
individuals
0 0 0 0 0
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 7 7 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 5 5 0 0 0
Not reported 0 0 0 0 0
With no property benefits 1866 1070 796 784 13
Not reported 205 120 84 84 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
1799 1006 794 781 13
Limited partnership 123 66 57 57 0
Joint venture 5 0 5 5 0
General partnership 10 5 6 6 0
Life insurance company 3 0 3 3 0
Depository institution 0 0 0 0 0
Public real estate investment trust 4 0 4 4 0
Private real estate investment trust 5 0 5 5 0
Corporation - other than real estate
investment trust
97 55 42 42 0
Housing cooperative organization 8 8 0 0 0
Non-profit or church-related institution 53 42 11 11 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 39 39 0 0 0

RECURRING EXPENSES


Real Estate Tax

Acquired before 2000
1876 1089 787 775 13
Less than $100 133 97 36 30 6
$100 to $199 66 46 20 20 0
$200 to $299 132 116 15 15 0
$300 to $399 138 103 35 35 0
$400 to $499 136 54 82 82 0
$500 to $599 127 79 48 41 7
$600 to $699 76 54 22 22 0
$700 to $799 79 25 54 54 0
$800 to $899 75 40 35 35 0
$900 to $999 78 45 33 33 0
$1,000 to $1,249 199 87 112 112 0
$1,250 to $1,499 126 72 55 55 0
$1,500 to $1,999 153 80 73 73 0
$2,000 to $2,499 139 64 75 75 0
$2,500 or more 139 59 81 81 0
Not reported 79 68 12 12 0
Median 816 629 1017 1031 510
Mean 1065 959 1205 1219 329
Acquired 2000 and 2001 (part) 271 132 139 139 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
1876 1089 787 775 13
Less than $5 81 73 7 7 0
$5 to $9 522 263 259 254 6
$10 to $14 385 240 146 139 7
$15 to $19 301 147 154 154 0
$20 to $24 192 98 94 94 0
$25 to $29 133 70 63 63 0
$30 to $39 172 130 43 43 0
$40 to $49 5 0 5 5 0
$50 to $59 0 0 0 0 0
$60 or more 6 0 6 6 0
Not reported or not computed 79 68 12 12 0
Median 14 14 14 14 10
Acquired 2000 and 2001 (part) 271 132 139 139 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
1876 1089 787 775 13
Less than 5 percent 92 71 21 21 0
5 to 9 percent 320 152 168 168 0
10 to 14 percent 332 172 160 153 7
15 to 19 percent 214 113 101 101 0
20 to 24 percent 176 72 105 105 0
25 to 29 percent 144 89 55 55 0
30 to 34 percent 59 23 37 37 0
35 to 39 percent 21 0 21 21 0
40 percent or more 70 48 22 22 0
Not reported or not computed 448 350 98 92 6
Median 15 14 15 15 13
Acquired 2000 and 2001 (part) 271 132 139 139 0

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