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Residential Finance Survey

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Residential Finance Survey: 2001 - Northeast
Table 5-1b. 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
540 280 260 257 3

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
464 251 214 211 3
In central cities 206 114 92 90 3
Not in central cities 258 137 121 121 0
Outside MAs 76 30 46 46 0

Number of Housing Units

2 housing units
374 202 171 171 0
3 housing units 108 48 59 57 3
4 housing units 58 30 29 29 0

Manner of Acquisition

By purchase
456 205 251 248 3
Placed one new mortgage 355 129 227 224 3
Placed two or more new mortgages 21 5 15 15 0
Assumed mortgage(s) already on property 7 1 6 6 0
Assumed mortgage(s) already on property
and placed new mortgage
2 2 0 0 0
Borrowed using assets other than this
property as collateral
15 12 3 3 0
Paid all cash-no borrowing 51 51 0 0 0
Other manner 5 5 0 0 0
By inheritance or gift 67 65 2 2 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
0 0 0 0 0
By foreclosure or assignment 0 0 0 0 0
By some other manner 4 2 2 2 0
Not reported 13 9 5 5 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
178 39 139 139 0
Sale of stock or other partnership
shares for this project
7 0 7 7 0
Sale of previously owned stocks,
shares, or other securities
11 0 11 11 0
Sale of land or other real estate 16 3 13 13 0
Owner's cash, bank deposits,
share accounts, or bonds
106 19 88 88 0
Borrowing from a retirement plan 3 0 3 3 0
Borrowing using assets other than this
property as collateral
15 3 12 12 0
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 4 0 4 4 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 3 2 1 1 0
Other cash source 3 0 3 3 0
Non-cash source 0 0 0 0 0
No downpayment required 23 9 14 14 0
Not reported 6 4 1 1 0
Other properties 360 242 118 115 3
Not reported 2 0 2 2 0

Year Property Acquired

1999 to 2001 (part)
109 35 73 73 0
1997 and 1998 52 15 37 37 0
1995 and 1996 44 12 31 31 0
1990 to 1994 79 25 53 53 0
1985 to 1989 90 59 31 31 0
1980 to 1984 42 26 16 13 3
1975 to 1979 41 28 12 12 0
1970 to 1974 32 28 5 5 0
1969 or earlier 52 51 1 1 0

Building and Land Acquisition

Acquired at same time
503 256 247 244 3
Not acquired at same time 19 18 2 2 0
Land not owned by building owner 2 1 1 1 0
Not reported 15 6 9 9 0

Property New or Previously Owned When
Acquired

Acquired by purchase
456 205 251 248 3
New 40 20 20 20 0
Previously owned 407 181 227 224 3
As residential property 388 167 221 218 3
Converted from nonresidential use 20 14 6 6 0
Other 1 0 1 1 0
Not reported 8 4 3 3 0
Other properties 70 67 4 4 0
Not reported 13 9 5 5 0

Year Structure Built

1999 to March 2000
10 9 1 1 0
1997 and 1998 4 0 4 4 0
1995 and 1996 0 0 0 0 0
1990 to 1994 15 4 10 10 0
1980 to 1989 18 8 10 10 0
1970 to 1979 41 19 22 22 0
1960 to 1969 29 26 3 3 0
1950 to 1959 36 14 22 22 0
1940 to 1949 45 21 24 24 0
1939 or earlier 343 179 164 161 3

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
137 28 108 108 0
Less than $20,000 16 10 6 6 0
$20,000 to $39,999 39 0 39 39 0
$40,000 to $59,999 20 5 15 15 0
$60,000 to $79,999 37 12 25 25 0
$80,000 to $99,999 9 0 9 9 0
$100,000 to $124,999 10 0 10 10 0
$125,000 to $149,999 2 1 1 1 0
$150,000 to $174,999 0 0 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 1 0 1 1 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 3 0 3 3 0
$500,000 or more 0 0 0 0 0
Median 53646 55757 52905 52905 0
Mean 60342 45827 64152 64152 0
Other properties 403 252 151 148 3

Value

Less than $20,000
16 16 0 0 0
$20,000 to $39,999 30 23 7 7 0
$40,000 to $59,999 46 26 19 19 0
$60,000 to $79,999 64 30 34 34 0
$80,000 to $99,999 42 34 8 8 0
$100,000 to $124,999 93 47 46 46 0
$125,000 to $149,999 43 24 19 19 0
$150,000 to $174,999 34 13 21 21 0
$175,000 to $199,999 28 9 19 16 3
$200,000 to $249,999 51 22 29 29 0
$250,000 to $299,999 32 16 15 15 0
$300,000 to $499,999 32 5 27 27 0
$500,000 or more 29 14 16 16 0
Median 119410 105513 146851 144914 187500
Mean 158484 132873 186136 186205 180000

Value Per Housing Unit@8

Less than $20,000
63 50 13 13 0
$20,000 to $39,999 134 70 64 64 0
$40,000 to $59,999 106 58 49 49 0
$60,000 to $79,999 74 40 34 31 3
$80,000 to $99,999 40 13 27 27 0
$100,000 to $124,999 45 17 27 27 0
$125,000 to $149,999 34 17 17 17 0
$150,000 to $174,999 19 9 9 9 0
$175,000 to $199,999 7 0 7 7 0
$200,000 to $249,999 9 6 4 4 0
$250,000 to $299,999 5 0 5 5 0
$300,000 to $499,999 5 0 5 5 0
$500,000 or more 0 0 0 0 0
Median 53804 46879 62846 62183 70000
Mean 66966 56201 78589 78797 60000

Purchase Price as Percent of Value@8

Acquired by purchase
456 205 251 248 3
Purchased 1997 to 2001 (part) 137 28 108 108 0
Less than 60 percent 19 3 16 16 0
60 to 69 percent 5 0 5 5 0
70 to 79 percent 16 0 16 16 0
80 to 99 percent 39 0 39 39 0
100 percent or more 58 25 32 32 0
Median 94 4068 89 89 0
Purchased 1990 to 1996 (part) 105 23 82 82 0
Less than 40 percent 20 6 15 15 0
40 to 59 percent 15 6 9 9 0
60 to 79 percent 30 5 25 25 0
80 to 99 percent 3 0 3 3 0
100 percent or more 35 4 31 31 0
Median 71 55 74 74 0
Purchased 1989 or earlier 214 153 61 58 3
Less than 20 percent 45 39 6 6 0
20 to 39 percent 42 28 14 11 3
40 to 59 percent 50 34 16 16 0
60 to 79 percent 40 31 9 9 0
80 to 99 percent 16 12 4 4 0
100 percent or more 21 9 12 12 0
Median 48 46 53 55 30
Not acquired by purchase 84 75 8 8 0

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
287 124 163 160 3
Less than $500 8 2 6 6 0
$500 to $999 6 4 2 2 0
$1,000 to $2,499 45 17 28 28 0
$2,500 to $4,999 40 19 21 21 0
$5,000 to $7,499 54 26 28 28 0
$7,500 to $9,999 29 18 11 11 0
$10,000 to $14,999 47 18 28 25 3
$15,000 to $19,999 28 6 22 22 0
$20,000 to $29,999 23 7 16 16 0
$30,000 or more 8 7 1 1 0
Median 7094 6919 7257 7129 12500
Mean 8710 8678 8733 8710 10000
Properties with no capital
improvements between 1998 and 2000
176 120 56 56 0
Capital improvements not
reported
77 37 40 40 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
287 124 163 160 3
Less than $500 21 8 13 13 0
$500 to $999 32 21 11 11 0
$1,000 to $2,499 69 26 43 43 0
$2,500 to $4,999 85 42 43 40 3
$5,000 to $7,499 28 8 21 21 0
$7,500 to $9,999 29 6 23 23 0
$10,000 to $14,999 16 7 9 9 0
$15,000 to $19,999 7 7 0 0 0
$20,000 to $29,999 0 0 0 0 0
$30,000 or more 0 0 0 0 0
Median 3141 2959 3321 3290 3750
Mean 3838 4017 3703 3710 3333
Properties with no capital
improvements between 1998 and 2000
176 120 56 56 0
Capital improvements not
reported
77 37 40 40 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
469 251 218 215 3
Less than $100 14 11 3 3 0
$100 to $199 64 45 19 19 0
$200 to $299 58 33 25 25 0
$300 to $399 82 57 25 25 0
$400 to $499 57 26 30 30 0
$500 to $599 56 28 28 25 3
$600 to $799 21 13 8 8 0
$800 to $999 73 24 50 50 0
$1000 or more 26 7 19 19 0
No rental receipts 18 7 11 11 0
Median 412 358 503 498 550
Mean 459 389 540 540 556
Acquired 2000 and 2001 (part) 71 29 42 42 0

Rental Receipts as Percent of Value@8

Acquired before 2000
469 251 218 215 3
Less than 5 percent 51 24 27 27 0
5 to 9 percent 147 94 54 54 0
10 to 14 percent 171 79 92 89 3
15 to 19 percent 34 14 20 20 0
20 to 24 percent 27 19 8 8 0
25 to 29 percent 12 6 6 6 0
30 to 39 percent 3 3 0 0 0
40 percent or more 6 6 0 0 0
Median 11 10 11 11 13
Acquired 2000 and 2001 (part) 71 29 42 42 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
469 251 218 215 3
Less than 1.0 percent 150 66 84 81 3
1.0 to 2.9 percent 8 2 6 6 0
3.0 to 4.9 percent 23 13 10 10 0
5.0 to 6.9 percent 1 0 1 1 0
7.0 to 8.9 percent 24 13 11 11 0
9.0 to 10.9 percent 7 4 3 3 0
11.0 to 12.9 percent 15 11 4 4 0
13.0 to 14.9 percent 8 8 0 0 0
15.0 percent or more 75 44 32 32 0
Not reported or not computed 158 91 67 67 0
Median 2.3 4.9 0.9 0.9 0.5
Acquired 2000 and 2001 (part) 71 29 42 42 0

Age Restrictions

Property restricted to people
age 55 or older
112 61 51 51 0
Property not restricted to people
age 55 or older
408 204 204 201 3
Not reported 19 15 4 4 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
11 0 11 11 0
Government rental subsidy 28 12 16 16 0
Government grant 0 0 0 0 0
Property tax relief 2 2 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 0 0 0 0 0
None of the above benefits 451 237 214 211 3
Not reported 51 29 23 23 0

Source of Property Benefits@1

With property benefits
37 14 23 23 0
Federal government 22 6 16 16 0
State government 9 2 7 7 0
Local government 7 7 0 0 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 451 237 214 211 3
Not reported 51 29 23 23 0

Reason for Benefits@1

With property benefits
37 14 23 23 0
Occupied by low- or moderate-income
individuals
24 2 22 22 0
Occupied by elderly or disabled
individuals
15 14 1 1 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 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 451 237 214 211 3
Not reported 51 29 23 23 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
489 250 239 236 3
Limited partnership 12 6 6 6 0
Joint venture 4 0 4 4 0
General partnership 2 2 0 0 0
Life insurance company 1 0 1 1 0
Depository institution 0 0 0 0 0
Public real estate investment trust 0 0 0 0 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
21 14 7 7 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 2 2 0 0 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 8 5 3 3 0

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
469 251 218 215 3
Less than $100 24 16 8 8 0
$100 to $199 16 16 0 0 0
$200 to $299 4 1 3 3 0
$300 to $399 32 25 7 7 0
$400 to $499 43 16 26 26 0
$500 to $599 15 8 7 4 3
$600 to $699 35 19 17 17 0
$700 to $799 24 6 18 18 0
$800 to $899 43 27 16 16 0
$900 to $999 35 12 22 22 0
$1,000 to $1,249 57 34 23 23 0
$1,250 to $1,499 48 26 22 22 0
$1,500 to $1,999 46 21 25 25 0
$2,000 to $2,499 19 6 13 13 0
$2,500 or more 20 10 11 11 0
Not reported 9 8 1 1 0
Median 888 854 933 939 550
Mean 1002 937 1076 1082 567
Acquired 2000 and 2001 (part) 71 29 42 42 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
469 251 218 215 3
Less than $5 25 12 13 13 0
$5 to $9 80 30 50 47 3
$10 to $14 63 38 25 25 0
$15 to $19 93 64 29 29 0
$20 to $24 46 19 28 28 0
$25 to $29 52 22 30 30 0
$30 to $39 102 60 42 42 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 9 8 1 1 0
Median 18 18 18 19 8
Acquired 2000 and 2001 (part) 71 29 42 42 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
469 251 218 215 3
Less than 5 percent 20 11 9 9 0
5 to 9 percent 80 36 44 41 3
10 to 14 percent 98 48 51 51 0
15 to 19 percent 70 40 31 31 0
20 to 24 percent 35 20 15 15 0
25 to 29 percent 54 33 21 21 0
30 to 34 percent 22 18 4 4 0
35 to 39 percent 8 7 1 1 0
40 percent or more 54 23 31 31 0
Not reported or not computed 27 15 12 12 0
Median 17 18 15 15 8
Acquired 2000 and 2001 (part) 71 29 42 42 0

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