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Residential Finance Survey: 2001 - United States
Table 5-1a. Mortgage Status, Rental and Vacant 2- to 4-Housing-Unit 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 Per Housing Unit, 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

2- to 4-housing-unit properties
2035 891 1144 1118 26

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
1676 717 959 933 26
In central cities 924 405 520 506 14
Not in central cities 751 312 439 427 12
Outside MAs 359 174 185 185 0

Number of Housing Units

2 housing units
1458 663 795 779 16
3 housing units 269 109 160 152 8
4 housing units 308 119 189 187 2

Manner of Acquisition

By purchase
1750 662 1088 1065 23
Placed one new mortgage 1271 332 939 927 12
Placed two or more new mortgages 81 23 58 58 0
Assumed mortgage(s) already on property 76 22 53 53 0
Assumed mortgage(s) already on property
and placed new mortgage
18 4 14 14 0
Borrowed using assets other than this
property as collateral
57 48 10 4 5
Paid all cash-no borrowing 213 201 12 5 6
Other manner 34 31 3 3 0
By inheritance or gift 176 154 21 19 2
By divorce 7 7 0 0 0
By tax free exchange of
other property
14 5 10 10 0
By foreclosure or assignment 3 0 3 3 0
By some other manner 15 12 3 3 0
Not reported 70 51 19 19 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
678 135 543 538 5
Sale of stock or other partnership
shares for this project
27 3 23 23 0
Sale of previously owned stocks,
shares, or other securities
37 0 37 37 0
Sale of land or other real estate 61 13 48 48 0
Owner's cash, bank deposits,
share accounts, or bonds
376 73 303 303 0
Borrowing from a retirement plan 8 0 8 8 0
Borrowing using assets other than this
property as collateral
71 10 61 56 5
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 7 0 7 7 0
From a non-profit organization 4 0 4 4 0
Proceeds from sale of tax credits 0 0 0 0 0
From parents or relatives 18 2 16 16 0
Other cash source 23 3 20 20 0
Non-cash source 6 2 4 4 0
No downpayment required 75 23 52 52 0
Not reported 36 11 25 25 0
Other properties 1336 744 592 571 20
Not reported 21 12 9 9 0

Year Property Acquired

1999 to 2001 (part)
355 68 287 287 0
1997 and 1998 238 83 156 150 6
1995 and 1996 193 62 132 130 2
1990 to 1994 309 108 201 198 3
1985 to 1989 343 167 176 166 10
1980 to 1984 186 101 86 83 3
1975 to 1979 156 97 60 57 2
1970 to 1974 111 79 32 32 0
1969 or earlier 143 128 15 15 0

Building and Land Acquisition

Acquired at same time
1781 744 1037 1011 26
Not acquired at same time 160 90 70 70 0
Land not owned by building owner 15 12 3 3 0
Not reported 79 45 34 34 0

Property New or Previously Owned When
Acquired

Acquired by purchase
1750 662 1088 1065 23
New 228 92 135 129 6
Previously owned 1485 561 924 907 17
As residential property 1406 530 876 861 15
Converted from nonresidential use 79 31 48 46 2
Other 13 4 9 9 0
Not reported 24 4 20 20 0
Other properties 215 178 37 35 2
Not reported 70 51 19 19 0

Year Structure Built

1999 to March 2000
33 14 19 19 0
1997 and 1998 26 9 17 17 0
1995 and 1996 35 13 22 22 0
1990 to 1994 66 17 49 49 0
1980 to 1989 212 76 136 134 2
1970 to 1979 271 130 141 136 6
1960 to 1969 235 110 125 119 6
1950 to 1959 204 69 136 136 0
1940 to 1949 180 84 96 94 2
1939 or earlier 772 371 402 393 9

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
503 90 413 410 3
Less than $20,000 82 32 51 51 0
$20,000 to $39,999 161 17 144 141 3
$40,000 to $59,999 99 19 80 80 0
$60,000 to $79,999 85 19 66 66 0
$80,000 to $99,999 28 0 28 28 0
$100,000 to $124,999 18 0 18 18 0
$125,000 to $149,999 8 4 5 5 0
$150,000 to $174,999 6 0 6 6 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 4 0 4 4 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 6 0 6 6 0
$500,000 or more 7 0 7 7 0
Median 41700 35678 43017 43423 30000
Mean 60052 39049 64611 64889 29500
Other properties 1532 801 731 708 23

Value

Less than $20,000
46 43 3 3 0
$20,000 to $39,999 140 85 55 52 3
$40,000 to $59,999 180 93 87 87 0
$60,000 to $79,999 215 103 111 111 0
$80,000 to $99,999 220 105 115 106 10
$100,000 to $124,999 285 121 164 164 0
$125,000 to $149,999 198 85 113 109 4
$150,000 to $174,999 124 54 70 68 2
$175,000 to $199,999 107 26 80 77 3
$200,000 to $249,999 159 43 117 112 5
$250,000 to $299,999 101 47 55 55 0
$300,000 to $499,999 138 51 86 86 0
$500,000 or more 122 34 88 88 0
Median 119022 103221 133298 133434 129322
Mean 168329 137258 192522 194042 126635

Value Per Housing Unit@8

Less than $20,000
244 154 90 87 3
$20,000 to $39,999 499 247 252 249 2
$40,000 to $59,999 422 188 234 224 10
$60,000 to $79,999 316 118 198 189 9
$80,000 to $99,999 141 40 101 101 0
$100,000 to $124,999 129 36 93 91 2
$125,000 to $149,999 101 41 60 60 0
$150,000 to $174,999 69 34 34 34 0
$175,000 to $199,999 23 9 14 14 0
$200,000 to $249,999 25 9 15 15 0
$250,000 to $299,999 21 7 14 14 0
$300,000 to $499,999 28 5 23 23 0
$500,000 or more 18 1 17 17 0
Median 53040 44734 59732 59875 56401
Mean 71038 58404 80875 81516 53078

Purchase Price as Percent of Value@8

Acquired by purchase
1750 662 1088 1065 23
Purchased 1997 to 2001 (part) 503 90 413 410 3
Less than 60 percent 76 8 68 68 0
60 to 69 percent 18 0 18 14 3
70 to 79 percent 83 6 77 77 0
80 to 99 percent 155 2 153 153 0
100 percent or more 171 74 97 97 0
Median 90 3710 86 86 65
Purchased 1990 to 1996 (part) 444 120 324 319 5
Less than 40 percent 68 22 46 46 0
40 to 59 percent 81 20 62 59 2
60 to 79 percent 160 45 115 115 0
80 to 99 percent 48 14 34 34 0
100 percent or more 85 17 68 65 3
Median 69 68 69 69 1023
Purchased 1989 or earlier 803 452 351 335 15
Less than 20 percent 132 92 40 40 0
20 to 39 percent 212 126 85 83 3
40 to 59 percent 179 96 84 80 4
60 to 79 percent 125 75 51 48 2
80 to 99 percent 44 23 22 22 0
100 percent or more 108 39 69 63 6
Median 46 41 52 51 69
Not acquired by purchase 285 229 56 53 2

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
1022 401 620 603 18
Less than $500 29 16 13 13 0
$500 to $999 52 23 29 29 0
$1,000 to $2,499 224 92 132 126 6
$2,500 to $4,999 155 53 102 95 6
$5,000 to $7,499 201 68 133 131 2
$7,500 to $9,999 59 34 25 25 0
$10,000 to $14,999 123 47 76 73 3
$15,000 to $19,999 71 19 52 52 0
$20,000 to $29,999 63 24 39 39 0
$30,000 or more 45 26 19 19 0
Median 5642 5647 5639 5721 3534
Mean 7932 8282 7705 7810 4116
Properties with no capital
improvements between 1998 and 2000
692 346 346 346 0
Capital improvements not
reported
321 143 178 170 8

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
1022 401 620 603 18
Less than $500 106 50 56 56 0
$500 to $999 131 65 66 66 0
$1,000 to $2,499 291 93 197 183 15
$2,500 to $4,999 246 95 151 148 3
$5,000 to $7,499 107 39 68 68 0
$7,500 to $9,999 57 17 40 40 0
$10,000 to $14,999 53 21 32 32 0
$15,000 to $19,999 23 19 3 3 0
$20,000 to $29,999 9 3 7 7 0
$30,000 or more 0 0 0 0 0
Median 2414 2382 2429 2472 1897
Mean 3473 3756 3290 3336 1682
Properties with no capital
improvements between 1998 and 2000
692 346 346 346 0
Capital improvements not
reported
321 143 178 170 8

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
1816 847 969 944 26
Less than $100 74 50 25 25 0
$100 to $199 198 124 74 72 2
$200 to $299 249 125 124 121 3
$300 to $399 335 165 170 161 9
$400 to $499 228 90 138 133 5
$500 to $599 209 82 127 124 3
$600 to $799 115 37 78 74 4
$800 to $999 194 68 125 125 0
$1000 or more 137 61 76 76 0
No rental receipts 77 44 33 33 0
Median 406 363 455 458 390
Mean 486 443 524 528 394
Acquired 2000 and 2001 (part) 219 44 175 175 0

Rental Receipts as Percent of Value@8

Acquired before 2000
1816 847 969 944 26
Less than 5 percent 190 73 118 118 0
5 to 9 percent 472 218 254 243 11
10 to 14 percent 773 360 413 401 12
15 to 19 percent 155 67 88 88 0
20 to 24 percent 74 35 39 37 3
25 to 29 percent 21 12 8 8 0
30 to 39 percent 16 13 3 3 0
40 percent or more 32 25 7 7 0
Median 11 12 11 11 11
Acquired 2000 and 2001 (part) 219 44 175 175 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
1816 847 969 944 26
Less than 1.0 percent 566 226 340 331 9
1.0 to 2.9 percent 36 14 22 22 0
3.0 to 4.9 percent 80 42 38 38 0
5.0 to 6.9 percent 40 16 24 24 0
7.0 to 8.9 percent 88 33 56 56 0
9.0 to 10.9 percent 52 18 34 34 0
11.0 to 12.9 percent 41 19 21 21 0
13.0 to 14.9 percent 17 12 5 5 0
15.0 percent or more 255 113 142 133 9
Not reported or not computed 641 354 287 279 8
Median 2.2 3.3 1.1 1.1 1.0
Acquired 2000 and 2001 (part) 219 44 175 175 0

Age Restrictions

Property restricted to people
age 55 or older
443 203 240 240 0
Property not restricted to people
age 55 or older
1521 641 880 854 26
Not reported 70 47 24 24 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
18 2 16 16 0
Government rental subsidy 79 14 65 59 6
Government grant 9 0 9 6 3
Property tax relief 15 2 13 13 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 1724 762 962 946 16
Not reported 201 112 89 89 0

Source of Property Benefits@1

With property benefits
111 17 93 84 10
Federal government 51 7 43 37 6
State government 29 3 26 26 0
Local government 37 8 29 25 3
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 1724 762 962 946 16
Not reported 201 112 89 89 0

Reason for Benefits@1

With property benefits
111 17 93 84 10
Occupied by low- or moderate-income
individuals
81 3 77 68 10
Occupied by elderly or disabled
individuals
26 14 11 11 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
4 0 4 4 0
Covered by a Homestead Exemption 9 0 9 9 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 3 2 2 2 0
Not reported 0 0 0 0 0
With no property benefits 1724 762 962 946 16
Not reported 201 112 89 89 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
1732 749 982 957 26
Limited partnership 105 41 64 64 0
Joint venture 26 17 8 8 0
General partnership 28 17 11 11 0
Life insurance company 5 0 5 5 0
Depository institution 2 0 2 2 0
Public real estate investment trust 1 0 1 1 0
Private real estate investment trust 2 2 0 0 0
Corporation - other than real estate
investment trust
95 43 52 52 0
Housing cooperative organization 4 0 4 4 0
Non-profit or church-related institution 19 8 12 12 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 17 13 3 3 0

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
1816 847 969 944 26
Less than $100 127 74 53 53 0
$100 to $199 97 65 31 31 0
$200 to $299 146 83 63 60 3
$300 to $399 166 83 83 83 0
$400 to $499 174 52 121 121 0
$500 to $599 94 47 48 42 6
$600 to $699 143 64 79 74 5
$700 to $799 109 45 64 64 0
$800 to $899 96 50 45 45 0
$900 to $999 121 46 75 75 0
$1,000 to $1,249 167 67 100 96 4
$1,250 to $1,499 98 35 62 56 6
$1,500 to $1,999 127 40 87 85 2
$2,000 to $2,499 50 22 27 27 0
$2,500 or more 39 14 25 25 0
Not reported 64 59 5 5 0
Median 651 580 707 707 691
Mean 811 712 892 892 888
Acquired 2000 and 2001 (part) 219 44 175 175 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
1816 847 969 944 26
Less than $5 195 82 113 113 0
$5 to $9 500 224 276 273 3
$10 to $14 309 136 174 168 5
$15 to $19 277 126 151 143 9
$20 to $24 166 76 90 88 3
$25 to $29 123 45 78 72 6
$30 to $39 180 98 83 83 0
$40 to $49 0 0 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 2 2 0 0 0
Not reported or not computed 64 59 5 5 0
Median 13 13 13 12 18
Acquired 2000 and 2001 (part) 219 44 175 175 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
1816 847 969 944 26
Less than 5 percent 144 75 70 70 0
5 to 9 percent 466 213 253 248 6
10 to 14 percent 402 162 239 230 9
15 to 19 percent 240 97 142 140 2
20 to 24 percent 107 45 62 62 0
25 to 29 percent 113 59 53 53 0
30 to 34 percent 63 42 21 18 2
35 to 39 percent 37 14 24 17 6
40 percent or more 98 36 62 62 0
Not reported or not computed 147 103 44 44 0
Median 13 13 13 13 14
Acquired 2000 and 2001 (part) 219 44 175 175 0

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