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Residential Finance Survey

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Residential Finance Survey: 2001 - Midwest
Table 5-1c. 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
547 208 339 330 10

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
443 163 281 271 10
In central cities 279 97 181 179 3
Not in central cities 165 65 99 92 7
Outside MAs 104 46 59 59 0

Number of Housing Units

2 housing units
406 156 250 243 7
3 housing units 61 25 36 34 3
4 housing units 80 27 53 53 0

Manner of Acquisition

By purchase
490 164 326 317 10
Placed one new mortgage 366 78 288 281 6
Placed two or more new mortgages 21 8 13 13 0
Assumed mortgage(s) already on property 23 5 18 18 0
Assumed mortgage(s) already on property
and placed new mortgage
3 0 3 3 0
Borrowed using assets other than this
property as collateral
24 20 5 1 3
Paid all cash-no borrowing 45 45 0 0 0
Other manner 8 8 0 0 0
By inheritance or gift 28 20 8 8 0
By divorce 4 4 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 5 4 1 1 0
Not reported 20 16 4 4 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
201 25 176 173 3
Sale of stock or other partnership
shares for this project
9 0 9 9 0
Sale of previously owned stocks,
shares, or other securities
13 0 13 13 0
Sale of land or other real estate 20 1 18 18 0
Owner's cash, bank deposits,
share accounts, or bonds
112 19 93 93 0
Borrowing from a retirement plan 3 0 3 3 0
Borrowing using assets other than this
property as collateral
16 0 16 13 3
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 3 0 3 3 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 7 0 7 7 0
Other cash source 9 0 9 9 0
Non-cash source 4 0 4 4 0
No downpayment required 18 4 14 14 0
Not reported 9 0 9 9 0
Other properties 337 177 160 154 6
Not reported 10 7 3 3 0

Year Property Acquired

1999 to 2001 (part)
116 18 99 99 0
1997 and 1998 66 12 53 50 3
1995 and 1996 42 12 30 30 0
1990 to 1994 116 45 71 68 3
1985 to 1989 95 48 47 43 4
1980 to 1984 42 21 22 22 0
1975 to 1979 26 14 12 12 0
1970 to 1974 21 16 5 5 0
1969 or earlier 23 23 0 0 0

Building and Land Acquisition

Acquired at same time
480 175 305 295 10
Not acquired at same time 46 16 30 30 0
Land not owned by building owner 1 0 1 1 0
Not reported 20 17 3 3 0

Property New or Previously Owned When
Acquired

Acquired by purchase
490 164 326 317 10
New 66 24 42 42 0
Previously owned 404 136 267 258 10
As residential property 383 134 248 239 10
Converted from nonresidential use 21 2 19 19 0
Other 11 4 7 7 0
Not reported 9 0 9 9 0
Other properties 37 28 9 9 0
Not reported 20 16 4 4 0

Year Structure Built

1999 to March 2000
7 2 5 5 0
1997 and 1998 14 6 8 8 0
1995 and 1996 5 2 2 2 0
1990 to 1994 29 9 20 20 0
1980 to 1989 43 11 31 31 0
1970 to 1979 58 25 33 29 3
1960 to 1969 74 31 44 44 0
1950 to 1959 50 19 32 32 0
1940 to 1949 40 19 21 21 0
1939 or earlier 226 84 142 136 6

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
163 17 146 143 3
Less than $20,000 33 9 24 24 0
$20,000 to $39,999 53 1 52 49 3
$40,000 to $59,999 36 6 30 30 0
$60,000 to $79,999 21 0 21 21 0
$80,000 to $99,999 9 0 9 9 0
$100,000 to $124,999 0 0 0 0 0
$125,000 to $149,999 0 0 0 0 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 3 0 3 3 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 5 0 5 5 0
Median 38248 17722 39168 39781 30000
Mean 67461 27937 71986 72948 29500
Other properties 384 191 193 186 6

Value

Less than $20,000
9 8 1 1 0
$20,000 to $39,999 53 32 20 18 3
$40,000 to $59,999 68 31 38 38 0
$60,000 to $79,999 69 29 40 40 0
$80,000 to $99,999 62 24 38 35 3
$100,000 to $124,999 66 19 47 47 0
$125,000 to $149,999 73 23 50 47 4
$150,000 to $174,999 32 21 11 11 0
$175,000 to $199,999 29 5 25 25 0
$200,000 to $249,999 30 1 29 29 0
$250,000 to $299,999 22 8 14 14 0
$300,000 to $499,999 17 7 10 10 0
$500,000 or more 17 1 16 16 0
Median 105015 84054 116998 117570 93331
Mean 141438 108075 161919 163932 93109

Value Per Housing Unit@8

Less than $20,000
89 50 39 36 3
$20,000 to $39,999 158 69 89 89 0
$40,000 to $59,999 105 43 62 59 3
$60,000 to $79,999 94 23 71 67 4
$80,000 to $99,999 40 8 32 32 0
$100,000 to $124,999 21 0 21 21 0
$125,000 to $149,999 18 7 11 11 0
$150,000 to $174,999 4 4 1 1 0
$175,000 to $199,999 3 3 0 0 0
$200,000 to $249,999 2 0 2 2 0
$250,000 to $299,999 4 0 4 4 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 10 1 9 9 0
Median 45147 35627 53592 53606 53331
Mean 61885 46887 71091 71860 44808

Purchase Price as Percent of Value@8

Acquired by purchase
490 164 326 317 10
Purchased 1997 to 2001 (part) 163 17 146 143 3
Less than 60 percent 22 0 22 22 0
60 to 69 percent 6 0 6 3 3
70 to 79 percent 32 0 32 32 0
80 to 99 percent 70 0 70 70 0
100 percent or more 33 17 16 16 0
Median 86 4651 84 84 65
Purchased 1990 to 1996 (part) 140 41 99 97 3
Less than 40 percent 23 16 7 7 0
40 to 59 percent 25 10 15 15 0
60 to 79 percent 66 13 52 52 0
80 to 99 percent 9 1 8 8 0
100 percent or more 17 0 17 14 3
Median 67 49 71 70 5051
Purchased 1989 or earlier 187 107 81 77 4
Less than 20 percent 16 12 4 4 0
20 to 39 percent 52 34 17 17 0
40 to 59 percent 57 31 26 22 4
60 to 79 percent 23 15 9 9 0
80 to 99 percent 12 5 6 6 0
100 percent or more 27 9 18 18 0
Median 49 44 54 55 50
Not acquired by purchase 57 44 13 13 0

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
295 107 189 185 4
Less than $500 11 4 7 7 0
$500 to $999 22 9 12 12 0
$1,000 to $2,499 74 34 40 36 4
$2,500 to $4,999 39 8 31 31 0
$5,000 to $7,499 60 16 44 44 0
$7,500 to $9,999 3 1 2 2 0
$10,000 to $14,999 42 13 29 29 0
$15,000 to $19,999 14 6 8 8 0
$20,000 to $29,999 18 10 8 8 0
$30,000 or more 12 6 6 6 0
Median 5067 4374 5206 5311 1750
Mean 7391 7736 7195 7293 2334
Properties with no capital
improvements between 1998 and 2000
160 73 88 88 0
Capital improvements not
reported
92 29 63 57 6

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
295 107 189 185 4
Less than $500 36 16 20 20 0
$500 to $999 39 23 15 15 0
$1,000 to $2,499 87 21 66 63 4
$2,500 to $4,999 63 16 47 47 0
$5,000 to $7,499 43 16 27 27 0
$7,500 to $9,999 5 5 0 0 0
$10,000 to $14,999 15 6 8 8 0
$15,000 to $19,999 4 4 0 0 0
$20,000 to $29,999 5 0 5 5 0
$30,000 or more 0 0 0 0 0
Median 2259 2017 2334 2369 1750
Mean 3214 3326 3150 3190 1167
Properties with no capital
improvements between 1998 and 2000
160 73 88 88 0
Capital improvements not
reported
92 29 63 57 6

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
483 199 284 275 10
Less than $100 25 14 11 11 0
$100 to $199 55 36 20 20 0
$200 to $299 69 36 33 31 3
$300 to $399 89 37 51 51 0
$400 to $499 63 22 41 38 3
$500 to $599 43 10 33 33 0
$600 to $799 45 8 37 33 4
$800 to $999 32 0 32 32 0
$1000 or more 39 23 16 16 0
No rental receipts 22 12 10 10 0
Median 391 321 453 452 467
Mean 460 431 479 480 468
Acquired 2000 and 2001 (part) 65 10 55 55 0

Rental Receipts as Percent of Value@8

Acquired before 2000
483 199 284 275 10
Less than 5 percent 34 14 20 20 0
5 to 9 percent 80 30 50 50 0
10 to 14 percent 249 102 147 140 7
15 to 19 percent 62 30 32 32 0
20 to 24 percent 21 5 15 13 3
25 to 29 percent 4 1 2 2 0
30 to 39 percent 6 3 3 3 0
40 percent or more 8 4 4 4 0
Median 12 12 12 12 13
Acquired 2000 and 2001 (part) 65 10 55 55 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
483 199 284 275 10
Less than 1.0 percent 169 66 103 97 6
1.0 to 2.9 percent 9 2 7 7 0
3.0 to 4.9 percent 7 7 0 0 0
5.0 to 6.9 percent 12 5 8 8 0
7.0 to 8.9 percent 29 10 18 18 0
9.0 to 10.9 percent 20 1 19 19 0
11.0 to 12.9 percent 12 2 10 10 0
13.0 to 14.9 percent 5 1 4 4 0
15.0 percent or more 66 20 46 46 0
Not reported or not computed 154 85 69 66 3
Median 1.0 0.9 2.2 5.1 0.5
Acquired 2000 and 2001 (part) 65 10 55 55 0

Age Restrictions

Property restricted to people
age 55 or older
134 52 83 83 0
Property not restricted to people
age 55 or older
390 143 248 238 10
Not reported 23 14 9 9 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
2 0 2 2 0
Government rental subsidy 15 0 15 15 0
Government grant 8 0 8 5 3
Property tax relief 0 0 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 471 182 290 283 6
Not reported 55 27 28 28 0

Source of Property Benefits@1

With property benefits
21 0 21 18 3
Federal government 4 0 4 4 0
State government 5 0 5 5 0
Local government 14 0 14 11 3
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 471 182 290 283 6
Not reported 55 27 28 28 0

Reason for Benefits@1

With property benefits
21 0 21 18 3
Occupied by low- or moderate-income
individuals
19 0 19 15 3
Occupied by elderly or disabled
individuals
3 0 3 3 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
3 0 3 3 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 471 182 290 283 6
Not reported 55 27 28 28 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
442 173 269 259 10
Limited partnership 50 12 38 38 0
Joint venture 16 11 5 5 0
General partnership 6 4 2 2 0
Life insurance company 0 0 0 0 0
Depository institution 0 0 0 0 0
Public real estate investment trust 0 0 0 0 0
Private real estate investment trust 2 2 0 0 0
Corporation - other than real estate
investment trust
23 3 19 19 0
Housing cooperative organization 4 0 4 4 0
Non-profit or church-related institution 2 0 2 2 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 3 3 0 0 0

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
483 199 284 275 10
Less than $100 24 16 8 8 0
$100 to $199 30 15 15 15 0
$200 to $299 54 27 26 24 3
$300 to $399 30 15 15 15 0
$400 to $499 46 7 39 39 0
$500 to $599 23 17 5 2 3
$600 to $699 49 18 31 31 0
$700 to $799 30 15 15 15 0
$800 to $899 21 9 12 12 0
$900 to $999 25 5 19 19 0
$1,000 to $1,249 42 14 29 25 4
$1,250 to $1,499 16 3 12 12 0
$1,500 to $1,999 48 9 39 39 0
$2,000 to $2,499 21 10 11 11 0
$2,500 or more 8 2 6 6 0
Not reported 18 16 2 2 0
Median 653 562 710 718 567
Mean 875 742 960 970 686
Acquired 2000 and 2001 (part) 65 10 55 55 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
483 199 284 275 10
Less than $5 17 9 8 8 0
$5 to $9 99 34 65 65 0
$10 to $14 112 40 73 70 3
$15 to $19 86 31 56 52 4
$20 to $24 77 38 39 36 3
$25 to $29 39 15 24 24 0
$30 to $39 31 13 18 18 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 18 16 2 2 0
Median 15 16 15 15 17
Acquired 2000 and 2001 (part) 65 10 55 55 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
483 199 284 275 10
Less than 5 percent 28 14 14 14 0
5 to 9 percent 105 39 66 63 3
10 to 14 percent 128 49 79 72 7
15 to 19 percent 75 24 52 52 0
20 to 24 percent 40 17 23 23 0
25 to 29 percent 28 14 15 15 0
30 to 34 percent 14 7 7 7 0
35 to 39 percent 5 0 5 5 0
40 percent or more 20 8 12 12 0
Not reported or not computed 38 25 12 12 0
Median 13 13 14 14 12
Acquired 2000 and 2001 (part) 65 10 55 55 0

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