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Residential Finance Survey: 2001 - South
Table 4-1d. 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
4173 2586 1587 1527 60

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
2941 1703 1238 1201 37
In central cities 1324 846 478 454 24
Not in central cities 1617 857 760 747 13
Outside MAs 1232 883 349 326 23

Manner of Acquisition

By purchase
3068 1630 1439 1390 48
Placed one new mortgage 1933 637 1295 1257 38
Placed two or more new mortgages 45 20 24 24 0
Assumed mortgage(s) already on property 210 108 102 96 6
Assumed mortgage(s) already on property
and placed new mortgage
12 12 0 0 0
Borrowed using assets other than this
property as collateral
86 81 5 0 5
Paid all cash-no borrowing 748 741 7 7 0
Other manner 34 29 5 5 0
By inheritance or gift 708 656 52 41 11
By divorce 10 4 6 6 0
By tax free exchange of
other property
5 5 0 0 0
By foreclosure or assignment 35 27 7 7 0
By some other manner 54 34 20 20 0
Not reported 292 229 63 63 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
1176 429 747 747 0
Sale of stock or other partnership
shares for this project
10 9 2 2 0
Sale of previously owned stocks,
shares, or other securities
7 0 7 7 0
Sale of land or other real estate 114 50 64 64 0
Owner's cash, bank deposits,
share accounts, or bonds
578 174 404 404 0
Borrowing from a retirement plan 37 19 18 18 0
Borrowing using assets other than this
property as collateral
70 40 30 30 0
Proceeds from an insurance policy 11 11 0 0 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 5 5 0 0 0
Proceeds from sale of tax credits 0 0 0 0 0
From parents or relatives 69 22 47 47 0
Other cash source 44 14 30 30 0
Non-cash source 18 0 18 18 0
No downpayment required 196 89 107 107 0
Not reported 96 28 68 68 0
Other properties 2870 2074 796 737 60
Not reported 127 82 44 44 0

Year Property Acquired

1999 to 2001 (part)
729 315 414 408 6
1997 and 1998 457 241 217 217 0
1995 and 1996 428 233 195 195 0
1990 to 1994 650 359 291 286 5
1985 to 1989 571 337 235 217 18
1980 to 1984 411 303 108 102 6
1975 to 1979 257 202 55 55 0
1970 to 1974 214 171 43 30 13
1969 or earlier 456 426 30 18 12

Building and Land Acquisition

Acquired at same time
3609 2194 1415 1355 60
Not acquired at same time 300 204 96 96 0
Land not owned by building owner 43 30 13 13 0
Not reported 220 157 63 63 0

Property New or Previously Owned When
Acquired

Acquired by purchase
3068 1630 1439 1390 48
New 560 281 279 260 19
Previously owned 2426 1314 1112 1083 30
As residential property 2399 1287 1112 1083 30
Converted from nonresidential use 27 27 0 0 0
Other 13 6 8 8 0
Not reported 69 29 40 40 0
Other properties 812 727 85 74 11
Not reported 292 229 63 63 0

Year Structure Built

1999 to March 2000
88 45 43 43 0
1997 and 1998 131 61 70 70 0
1995 and 1996 91 35 56 56 0
1990 to 1994 219 81 138 138 0
1980 to 1989 473 219 254 254 0
1970 to 1979 599 284 315 302 13
1960 to 1969 710 476 234 211 23
1950 to 1959 786 530 256 256 0
1940 to 1949 557 456 101 88 13
1939 or earlier 517 396 121 110 11

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
862 295 566 566 0
Less than $20,000 134 94 39 39 0
$20,000 to $39,999 175 39 137 137 0
$40,000 to $59,999 138 54 84 84 0
$60,000 to $79,999 102 17 85 85 0
$80,000 to $99,999 72 14 58 58 0
$100,000 to $124,999 58 13 45 45 0
$125,000 to $149,999 91 33 58 58 0
$150,000 to $174,999 21 21 0 0 0
$175,000 to $199,999 26 11 15 15 0
$200,000 to $249,999 23 0 23 23 0
$250,000 to $299,999 12 0 12 12 0
$300,000 to $499,999 11 0 11 11 0
$500,000 or more 0 0 0 0 0
Median 57618 45499 65370 65370 0
Mean 75648 62168 82670 82670 0
Other properties 3311 2291 1020 961 60

Value

Less than $20,000
447 388 59 59 0
$20,000 to $39,999 774 598 176 163 13
$40,000 to $59,999 711 470 241 236 5
$60,000 to $79,999 699 348 352 339 12
$80,000 to $99,999 470 260 210 192 18
$100,000 to $124,999 371 171 200 195 5
$125,000 to $149,999 189 116 73 73 0
$150,000 to $174,999 197 112 85 79 6
$175,000 to $199,999 39 11 28 28 0
$200,000 to $249,999 95 18 77 77 0
$250,000 to $299,999 55 23 33 33 0
$300,000 to $499,999 103 52 50 50 0
$500,000 or more 23 20 4 4 0
Median 64432 53062 78072 78024 79384
Mean 82341 72258 98768 99676 75465

Purchase Price as Percent of Value@8

Acquired by purchase
3068 1630 1439 1390 48
Purchased 1997 to 2001 (part) 862 295 566 566 0
Less than 60 percent 88 18 70 70 0
60 to 69 percent 66 0 66 66 0
70 to 79 percent 97 6 91 91 0
80 to 99 percent 196 24 172 172 0
100 percent or more 414 247 167 167 0
Median 98 3769 87 87 0
Purchased 1990 to 1996 (part) 787 340 447 442 5
Less than 40 percent 71 32 39 39 0
40 to 59 percent 187 112 74 74 0
60 to 79 percent 205 59 147 142 5
80 to 99 percent 190 67 123 123 0
100 percent or more 131 66 65 65 0
Median 73 68 75 75 70
Purchased 1989 or earlier 1419 994 425 381 43
Less than 20 percent 150 135 15 15 0
20 to 39 percent 284 237 47 28 19
40 to 59 percent 310 188 122 109 13
60 to 79 percent 355 227 127 115 12
80 to 99 percent 155 72 83 83 0
100 percent or more 156 124 31 31 0
Median 57 53 65 67 44
Not acquired by purchase 1104 956 148 137 11

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
1257 644 612 577 35
Less than $500 74 60 14 14 0
$500 to $999 73 48 25 25 0
$1,000 to $2,499 331 196 134 122 13
$2,500 to $4,999 303 150 153 136 17
$5,000 to $7,499 192 79 113 113 0
$7,500 to $9,999 35 6 29 29 0
$10,000 to $14,999 89 48 40 40 0
$15,000 to $19,999 51 23 28 28 0
$20,000 to $29,999 58 8 50 45 5
$30,000 or more 50 26 25 25 0
Median 3746 2803 4669 4858 3193
Mean 17125 24950 8888 9069 5909
Properties with no capital
improvements between 1998 and 2000
2060 1396 664 646 18
Capital improvements not
reported
856 546 311 305 6

Monthly Rental Receipts

Acquired before 2000
3710 2369 1341 1288 54
Less than $100 185 118 67 67 0
$100 to $199 248 217 31 31 0
$200 to $299 401 331 70 65 5
$300 to $399 375 233 141 141 0
$400 to $499 398 231 167 149 18
$500 to $599 376 214 162 149 13
$600 to $799 458 235 222 222 0
$800 to $999 246 112 134 128 6
$1000 or more 421 176 246 246 0
No rental receipts 602 500 102 89 12
Median 487 415 589 598 488
Mean 1343 1695 723 737 375
Acquired 2000 and 2001 (part) 462 217 246 240 6

Rental Receipts as Percent of Value@8

Acquired before 2000
3710 2369 1341 1288 54
Less than 5 percent 172 103 69 64 5
5 to 9 percent 744 383 361 348 13
10 to 14 percent 1723 1065 658 641 17
15 to 19 percent 164 113 51 45 6
20 to 24 percent 60 55 5 5 0
25 to 29 percent 34 25 9 9 0
30 to 39 percent 6 6 0 0 0
40 percent or more 45 25 20 20 0
Median 12 12 11 11 11
Acquired 2000 and 2001 (part) 462 217 246 240 6

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
3710 2369 1341 1288 54
Less than 1.0 percent 955 557 398 392 6
1.0 to 2.9 percent 0 0 0 0 0
3.0 to 4.9 percent 7 7 0 0 0
5.0 to 6.9 percent 20 6 14 14 0
7.0 to 8.9 percent 68 30 38 38 0
9.0 to 10.9 percent 19 5 14 14 0
11.0 to 12.9 percent 6 0 6 6 0
13.0 to 14.9 percent 39 26 13 13 0
15.0 percent or more 388 234 154 136 18
Not reported or not computed 2207 1504 704 674 29
Median 0.8 0.8 0.8 0.8 43.0
Acquired 2000 and 2001 (part) 462 217 246 240 6

Age Restrictions

Property restricted to people
age 55 or older
411 276 135 130 5
Property not restricted to people
age 55 or older
3415 2084 1330 1282 48
Not reported 347 225 122 116 6

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
9 0 9 9 0
Government rental subsidy 56 37 19 19 0
Government grant 13 0 13 13 0
Property tax relief 33 30 4 4 0
Federal income tax credit for
low-income, old or historic properties
9 9 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 3491 2161 1331 1277 53
Not reported 557 344 213 207 6

Source of Property Benefits@1

With property benefits
124 81 44 44 0
Federal government 65 38 27 27 0
State government 27 17 10 10 0
Local government 58 35 23 23 0
Non-profit corporation 5 5 0 0 0
Not reported 0 0 0 0 0
With no property benefits 3491 2161 1331 1277 53
Not reported 557 344 213 207 6

Reason for Benefits@1

With property benefits
124 81 44 44 0
Occupied by low- or moderate-income
individuals
74 50 24 24 0
Occupied by elderly or disabled
individuals
12 12 0 0 0
A historic structure 9 9 0 0 0
Located in a community development or
economic development area
0 0 0 0 0
Covered by a Homestead Exemption 13 13 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 28 8 19 19 0
Not reported 0 0 0 0 0
With no property benefits 3491 2161 1331 1277 53
Not reported 557 344 213 207 6

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
3432 2116 1316 1257 60
Limited partnership 213 122 91 91 0
Joint venture 28 16 12 12 0
General partnership 62 47 16 16 0
Life insurance company 17 6 11 11 0
Depository institution 0 0 0 0 0
Public real estate investment trust 15 8 7 7 0
Private real estate investment trust 7 7 0 0 0
Corporation - other than real estate
investment trust
225 130 95 95 0
Housing cooperative organization 11 6 5 5 0
Non-profit or church-related institution 93 65 28 28 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 69 63 7 7 0

RECURRING EXPENSES


Real Estate Tax

Acquired before 2000
3710 2369 1341 1288 54
Less than $100 329 257 72 67 5
$100 to $199 257 224 33 33 0
$200 to $299 294 239 55 55 0
$300 to $399 443 314 129 122 7
$400 to $499 270 174 96 89 6
$500 to $599 324 204 120 108 12
$600 to $699 203 88 116 98 18
$700 to $799 157 127 30 30 0
$800 to $899 202 97 105 105 0
$900 to $999 105 70 35 35 0
$1,000 to $1,249 257 108 149 144 6
$1,250 to $1,499 97 33 64 64 0
$1,500 to $1,999 207 84 123 123 0
$2,000 to $2,499 181 90 91 91 0
$2,500 or more 200 96 104 104 0
Not reported 185 164 21 21 0
Median 553 439 810 830 572
Mean 841 703 1073 1096 529
Acquired 2000 and 2001 (part) 462 217 246 240 6

Real Estate Tax Per $1,000 Value

Acquired before 2000
3710 2369 1341 1288 54
Less than $5 497 354 143 138 5
$5 to $9 1499 949 550 525 25
$10 to $14 614 350 263 253 11
$15 to $19 331 183 148 141 7
$20 to $24 219 132 87 80 6
$25 to $29 157 101 56 56 0
$30 to $39 205 131 74 74 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 190 169 21 21 0
Median 9 9 10 10 9
Acquired 2000 and 2001 (part) 462 217 246 240 6

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
3710 2369 1341 1288 54
Less than 5 percent 282 203 79 74 5
5 to 9 percent 1097 684 414 401 12
10 to 14 percent 587 327 259 236 24
15 to 19 percent 358 178 180 180 0
20 to 24 percent 165 58 106 106 0
25 to 29 percent 157 95 62 62 0
30 to 34 percent 41 16 25 25 0
35 to 39 percent 28 21 8 8 0
40 percent or more 71 51 19 19 0
Not reported or not computed 924 735 189 177 12
Median 10 9 12 12 11
Acquired 2000 and 2001 (part) 462 217 246 240 6

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