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Residential Finance Survey: 2001 - West
Table 4-1e. 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
2239 1013 1226 1214 13

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
1796 731 1065 1053 13
In central cities 805 386 419 412 6
Not in central cities 991 344 647 640 7
Outside MAs 443 282 161 161 0

Manner of Acquisition

By purchase
1965 812 1153 1140 13
Placed one new mortgage 1388 376 1012 1000 13
Placed two or more new mortgages 33 11 22 22 0
Assumed mortgage(s) already on property 131 42 89 89 0
Assumed mortgage(s) already on property
and placed new mortgage
13 6 7 7 0
Borrowed using assets other than this
property as collateral
15 15 0 0 0
Paid all cash-no borrowing 337 327 10 10 0
Other manner 48 36 12 12 0
By inheritance or gift 147 114 33 33 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
14 6 8 8 0
By foreclosure or assignment 9 9 0 0 0
By some other manner 9 5 4 4 0
Not reported 95 67 28 28 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
713 186 528 528 0
Sale of stock or other partnership
shares for this project
14 0 14 14 0
Sale of previously owned stocks,
shares, or other securities
13 5 8 8 0
Sale of land or other real estate 68 5 63 63 0
Owner's cash, bank deposits,
share accounts, or bonds
417 101 316 316 0
Borrowing from a retirement plan 15 7 8 8 0
Borrowing using assets other than this
property as collateral
25 0 25 25 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 6 0 6 6 0
From parents or relatives 37 7 30 30 0
Other cash source 33 20 12 12 0
Non-cash source 5 0 5 5 0
No downpayment required 49 7 42 42 0
Not reported 112 65 47 47 0
Other properties 1487 798 689 676 13
Not reported 39 29 10 10 0

Year Property Acquired

1999 to 2001 (part)
401 126 275 275 0
1997 and 1998 231 63 169 169 0
1995 and 1996 191 80 111 111 0
1990 to 1994 360 140 220 220 0
1985 to 1989 318 122 196 196 0
1980 to 1984 173 99 74 74 0
1975 to 1979 230 134 96 96 0
1970 to 1974 110 55 55 55 0
1969 or earlier 226 194 31 18 13

Building and Land Acquisition

Acquired at same time
1990 850 1140 1127 13
Not acquired at same time 157 103 54 54 0
Land not owned by building owner 24 20 5 5 0
Not reported 68 40 28 28 0

Property New or Previously Owned When
Acquired

Acquired by purchase
1965 812 1153 1140 13
New 360 172 188 182 7
Previously owned 1550 613 936 930 6
As residential property 1534 598 936 930 6
Converted from nonresidential use 16 16 0 0 0
Other 12 0 12 12 0
Not reported 43 27 16 16 0
Other properties 179 134 45 45 0
Not reported 95 67 28 28 0

Year Structure Built

1999 to March 2000
51 26 25 25 0
1997 and 1998 52 6 46 46 0
1995 and 1996 71 37 34 34 0
1990 to 1994 125 32 93 93 0
1980 to 1989 290 94 196 196 0
1970 to 1979 403 140 263 263 0
1960 to 1969 257 126 131 124 7
1950 to 1959 348 218 130 130 0
1940 to 1949 277 112 165 165 0
1939 or earlier 365 221 143 137 6

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
552 135 417 417 0
Less than $20,000 12 1 11 11 0
$20,000 to $39,999 30 6 24 24 0
$40,000 to $59,999 19 12 7 7 0
$60,000 to $79,999 61 7 54 54 0
$80,000 to $99,999 51 17 33 33 0
$100,000 to $124,999 69 19 50 50 0
$125,000 to $149,999 76 22 54 54 0
$150,000 to $174,999 37 13 24 24 0
$175,000 to $199,999 68 0 68 68 0
$200,000 to $249,999 37 7 30 30 0
$250,000 to $299,999 24 0 24 24 0
$300,000 to $499,999 26 11 16 16 0
$500,000 or more 41 19 22 22 0
Median 136269 130513 138636 138636 0
Mean 178879 223513 164464 164464 0
Other properties 1688 878 809 797 13

Value

Less than $20,000
67 55 12 12 0
$20,000 to $39,999 47 47 0 0 0
$40,000 to $59,999 133 98 35 35 0
$60,000 to $79,999 180 124 56 56 0
$80,000 to $99,999 298 158 140 140 0
$100,000 to $124,999 243 72 171 171 0
$125,000 to $149,999 174 52 123 116 6
$150,000 to $174,999 186 100 87 87 0
$175,000 to $199,999 135 22 113 113 0
$200,000 to $249,999 214 73 141 141 0
$250,000 to $299,999 170 59 111 104 7
$300,000 to $499,999 255 95 160 160 0
$500,000 or more 138 60 78 78 0
Median 146785 108759 171933 171896 251002
Mean 188828 169535 204761 204795 201533

Purchase Price as Percent of Value@8

Acquired by purchase
1965 812 1153 1140 13
Purchased 1997 to 2001 (part) 552 135 417 417 0
Less than 60 percent 93 17 77 77 0
60 to 69 percent 93 17 77 77 0
70 to 79 percent 60 7 53 53 0
80 to 99 percent 163 12 151 151 0
100 percent or more 141 83 59 59 0
Median 84 1775 80 80 0
Purchased 1990 to 1996 (part) 485 166 319 319 0
Less than 40 percent 56 39 18 18 0
40 to 59 percent 73 19 54 54 0
60 to 79 percent 175 46 129 129 0
80 to 99 percent 88 17 71 71 0
100 percent or more 92 45 48 48 0
Median 73 71 74 74 0
Purchased 1989 or earlier 928 512 417 404 13
Less than 20 percent 193 117 76 63 13
20 to 39 percent 252 163 89 89 0
40 to 59 percent 219 80 139 139 0
60 to 79 percent 110 55 55 55 0
80 to 99 percent 61 49 12 12 0
100 percent or more 94 48 46 46 0
Median 42 37 46 47 10
Not acquired by purchase 274 201 74 74 0

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
878 316 562 562 0
Less than $500 35 29 7 7 0
$500 to $999 35 21 14 14 0
$1,000 to $2,499 158 91 68 68 0
$2,500 to $4,999 198 47 151 151 0
$5,000 to $7,499 194 56 138 138 0
$7,500 to $9,999 25 0 25 25 0
$10,000 to $14,999 65 30 35 35 0
$15,000 to $19,999 36 17 19 19 0
$20,000 to $29,999 47 6 41 41 0
$30,000 or more 83 19 64 64 0
Median 5143 3418 5737 5737 0
Mean 9322 7330 10442 10442 0
Properties with no capital
improvements between 1998 and 2000
1094 560 534 527 6
Capital improvements not
reported
268 137 131 125 7

Monthly Rental Receipts

Acquired before 2000
1999 928 1071 1058 13
Less than $100 28 28 0 0 0
$100 to $199 16 4 12 12 0
$200 to $299 63 56 6 6 0
$300 to $399 115 76 40 40 0
$400 to $499 116 85 31 25 6
$500 to $599 121 65 56 56 0
$600 to $799 359 141 218 218 0
$800 to $999 259 99 160 160 0
$1000 or more 691 225 466 460 7
No rental receipts 232 150 82 82 0
Median 851 707 965 965 201318
Mean 1030 903 1141 1137 1495
Acquired 2000 and 2001 (part) 240 84 156 156 0

Rental Receipts as Percent of Value@8

Acquired before 2000
1999 928 1071 1058 13
Less than 5 percent 280 127 154 147 6
5 to 9 percent 777 297 480 480 0
10 to 14 percent 621 290 332 325 7
15 to 19 percent 12 0 12 12 0
20 to 24 percent 15 13 2 2 0
25 to 29 percent 13 7 6 6 0
30 to 39 percent 6 6 0 0 0
40 percent or more 21 17 4 4 0
Median 9 9 9 9 10
Acquired 2000 and 2001 (part) 240 84 156 156 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
1999 928 1071 1058 13
Less than 1.0 percent 810 343 467 461 6
1.0 to 2.9 percent 7 0 7 7 0
3.0 to 4.9 percent 8 0 8 8 0
5.0 to 6.9 percent 10 0 10 10 0
7.0 to 8.9 percent 35 6 28 28 0
9.0 to 10.9 percent 25 15 10 10 0
11.0 to 12.9 percent 10 0 10 10 0
13.0 to 14.9 percent 22 12 11 11 0
15.0 percent or more 118 68 50 50 0
Not reported or not computed 954 483 471 464 7
Median 0.6 0.6 0.6 0.6 0.5
Acquired 2000 and 2001 (part) 240 84 156 156 0

Age Restrictions

Property restricted to people
age 55 or older
238 127 111 111 0
Property not restricted to people
age 55 or older
1911 808 1103 1090 13
Not reported 91 79 12 12 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
7 0 7 7 0
Government rental subsidy 32 26 6 6 0
Government grant 0 0 0 0 0
Property tax relief 26 18 8 8 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 0 0 0 0 0
None of the above benefits 1980 856 1124 1111 13
Not reported 194 114 81 81 0

Source of Property Benefits@1

With property benefits
65 43 21 21 0
Federal government 13 0 13 13 0
State government 20 11 8 8 0
Local government 30 30 0 0 0
Non-profit corporation 0 0 0 0 0
Not reported 8 8 0 0 0
With no property benefits 1980 856 1124 1111 13
Not reported 194 114 81 81 0

Reason for Benefits@1

With property benefits
65 43 21 21 0
Occupied by low- or moderate-income
individuals
31 31 0 0 0
Occupied by elderly or disabled
individuals
19 13 6 6 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 0 0 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 7 0 7 7 0
Other reason 13 5 8 8 0
Not reported 8 8 0 0 0
With no property benefits 1980 856 1124 1111 13
Not reported 194 114 81 81 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
1888 819 1069 1056 13
Limited partnership 145 82 64 64 0
Joint venture 13 0 13 13 0
General partnership 23 0 23 23 0
Life insurance company 0 0 0 0 0
Depository institution 0 0 0 0 0
Public real estate investment trust 10 10 0 0 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
68 54 13 13 0
Housing cooperative organization 7 7 0 0 0
Non-profit or church-related institution 18 12 6 6 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 69 30 39 39 0

RECURRING EXPENSES


Real Estate Tax

Acquired before 2000
1999 928 1071 1058 13
Less than $100 138 106 32 32 0
$100 to $199 19 7 12 12 0
$200 to $299 23 17 7 7 0
$300 to $399 85 65 20 20 0
$400 to $499 64 42 22 22 0
$500 to $599 109 44 65 59 6
$600 to $699 107 58 48 48 0
$700 to $799 126 70 57 57 0
$800 to $899 150 46 104 104 0
$900 to $999 55 8 47 47 0
$1,000 to $1,249 256 104 152 152 0
$1,250 to $1,499 183 80 103 103 0
$1,500 to $1,999 277 110 167 167 0
$2,000 to $2,499 122 41 81 74 7
$2,500 or more 247 93 154 154 0
Not reported 37 37 0 0 0
Median 1101 880 1199 1198 2010
Mean 1352 1170 1503 1504 1431
Acquired 2000 and 2001 (part) 240 84 156 156 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
1999 928 1071 1058 13
Less than $5 342 191 150 144 6
$5 to $9 1023 353 670 663 7
$10 to $14 428 220 208 208 0
$15 to $19 63 40 23 23 0
$20 to $24 37 31 6 6 0
$25 to $29 9 9 0 0 0
$30 to $39 55 41 14 14 0
$40 to $49 6 6 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 0 0 0 0 0
Not reported or not computed 37 37 0 0 0
Median 8 9 8 8 5
Acquired 2000 and 2001 (part) 240 84 156 156 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
1999 928 1071 1058 13
Less than 5 percent 195 100 95 95 0
5 to 9 percent 625 223 403 396 7
10 to 14 percent 417 172 244 238 6
15 to 19 percent 209 77 132 132 0
20 to 24 percent 105 56 49 49 0
25 to 29 percent 56 37 19 19 0
30 to 34 percent 26 12 14 14 0
35 to 39 percent 13 7 6 6 0
40 percent or more 62 35 27 27 0
Not reported or not computed 291 209 82 82 0
Median 10 11 10 10 10
Acquired 2000 and 2001 (part) 240 84 156 156 0

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