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Residential Finance Survey

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Residential Finance Survey: 2001 - South
Table 5-1d. 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
490 224 266 253 13

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
376 156 220 207 13
In central cities 215 89 125 117 9
Not in central cities 161 66 95 90 5
Outside MAs 114 68 46 46 0

Number of Housing Units

2 housing units
368 176 192 183 9
3 housing units 43 20 23 21 2
4 housing units 79 28 51 48 2

Manner of Acquisition

By purchase
408 156 252 241 11
Placed one new mortgage 259 56 203 201 2
Placed two or more new mortgages 18 0 18 18 0
Assumed mortgage(s) already on property 19 11 8 8 0
Assumed mortgage(s) already on property
and placed new mortgage
11 2 8 8 0
Borrowed using assets other than this
property as collateral
11 8 2 0 2
Paid all cash-no borrowing 76 66 10 3 6
Other manner 15 12 3 3 0
By inheritance or gift 47 42 4 2 2
By divorce 0 0 0 0 0
By tax free exchange of
other property
0 0 0 0 0
By foreclosure or assignment 3 0 3 3 0
By some other manner 0 0 0 0 0
Not reported 32 25 7 7 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
168 44 124 122 2
Sale of stock or other partnership
shares for this project
10 3 7 7 0
Sale of previously owned stocks,
shares, or other securities
7 0 7 7 0
Sale of land or other real estate 11 4 7 7 0
Owner's cash, bank deposits,
share accounts, or bonds
75 16 59 59 0
Borrowing from a retirement plan 2 0 2 2 0
Borrowing using assets other than this
property as collateral
31 3 28 26 2
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 0 0 0 0 0
From parents or relatives 1 0 1 1 0
Other cash source 6 3 4 4 0
Non-cash source 2 2 0 0 0
No downpayment required 28 10 18 18 0
Not reported 10 5 5 5 0
Other properties 315 174 141 130 11
Not reported 7 5 2 2 0

Year Property Acquired

1999 to 2001 (part)
58 6 53 53 0
1997 and 1998 70 30 40 38 2
1995 and 1996 67 26 41 39 2
1990 to 1994 62 29 33 33 0
1985 to 1989 80 31 49 43 6
1980 to 1984 52 35 17 17 0
1975 to 1979 35 16 19 17 2
1970 to 1974 22 14 8 8 0
1969 or earlier 45 37 7 7 0

Building and Land Acquisition

Acquired at same time
408 175 233 220 13
Not acquired at same time 49 28 21 21 0
Land not owned by building owner 6 5 1 1 0
Not reported 26 15 11 11 0

Property New or Previously Owned When
Acquired

Acquired by purchase
408 156 252 241 11
New 73 27 46 40 6
Previously owned 330 129 201 196 5
As residential property 314 127 187 185 2
Converted from nonresidential use 16 3 14 11 2
Other 0 0 0 0 0
Not reported 4 0 4 4 0
Other properties 50 42 8 5 2
Not reported 32 25 7 7 0

Year Structure Built

1999 to March 2000
9 2 7 7 0
1997 and 1998 6 3 2 2 0
1995 and 1996 18 9 10 10 0
1990 to 1994 6 0 6 6 0
1980 to 1989 108 46 62 60 2
1970 to 1979 72 37 35 33 2
1960 to 1969 64 31 33 27 6
1950 to 1959 51 15 36 36 0
1940 to 1949 56 27 29 26 2
1939 or earlier 99 54 45 45 0

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
110 27 83 83 0
Less than $20,000 31 12 19 19 0
$20,000 to $39,999 40 9 31 31 0
$40,000 to $59,999 24 2 22 22 0
$60,000 to $79,999 16 4 12 12 0
$80,000 to $99,999 0 0 0 0 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 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 0 0 0 0 0
Median 32180 23061 34826 34826 0
Mean 36835 26288 40242 40242 0
Other properties 380 197 183 170 13

Value

Less than $20,000
16 16 0 0 0
$20,000 to $39,999 53 26 27 27 0
$40,000 to $59,999 56 30 25 25 0
$60,000 to $79,999 68 37 31 31 0
$80,000 to $99,999 77 25 52 46 6
$100,000 to $124,999 75 25 50 50 0
$125,000 to $149,999 44 21 23 23 0
$150,000 to $174,999 18 9 9 7 2
$175,000 to $199,999 22 10 12 12 0
$200,000 to $249,999 23 10 13 9 5
$250,000 to $299,999 3 0 3 3 0
$300,000 to $499,999 24 12 12 12 0
$500,000 or more 11 2 9 9 0
Median 93673 82423 99160 98915 153077
Mean 124229 108441 137484 137381 139442

Value Per Housing Unit@8

Less than $20,000
78 43 35 35 0
$20,000 to $39,999 165 87 78 76 2
$40,000 to $59,999 117 38 79 72 6
$60,000 to $79,999 64 22 42 40 2
$80,000 to $99,999 24 13 11 11 0
$100,000 to $124,999 16 9 7 5 2
$125,000 to $149,999 2 0 2 2 0
$150,000 to $174,999 7 6 1 1 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 6 3 3 3 0
$250,000 to $299,999 4 0 4 4 0
$300,000 to $499,999 2 2 0 0 0
$500,000 or more 4 0 4 4 0
Median 40277 35817 45041 44302 53445
Mean 53268 46905 58609 58663 57587

Purchase Price as Percent of Value@8

Acquired by purchase
408 156 252 241 11
Purchased 1997 to 2001 (part) 110 27 83 83 0
Less than 60 percent 17 3 14 14 0
60 to 69 percent 0 0 0 0 0
70 to 79 percent 20 4 16 16 0
80 to 99 percent 27 2 25 25 0
100 percent or more 46 18 28 28 0
Median 94 2516 89 89 0
Purchased 1990 to 1996 (part) 113 39 74 71 2
Less than 40 percent 12 0 12 12 0
40 to 59 percent 9 0 9 7 2
60 to 79 percent 45 18 27 27 0
80 to 99 percent 30 13 17 17 0
100 percent or more 18 8 10 10 0
Median 76 82 72 73 50
Purchased 1989 or earlier 185 90 95 86 9
Less than 20 percent 25 21 4 4 0
20 to 39 percent 49 25 24 24 0
40 to 59 percent 32 11 21 21 0
60 to 79 percent 33 19 14 12 2
80 to 99 percent 8 2 6 6 0
100 percent or more 37 11 26 19 6
Median 51 39 58 54 2026
Not acquired by purchase 82 67 15 12 2

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
221 76 144 133 11
Less than $500 6 6 0 0 0
$500 to $999 15 5 10 10 0
$1,000 to $2,499 38 19 19 17 2
$2,500 to $4,999 50 9 40 34 6
$5,000 to $7,499 48 12 35 33 2
$7,500 to $9,999 17 8 9 9 0
$10,000 to $14,999 17 6 11 11 0
$15,000 to $19,999 10 0 10 10 0
$20,000 to $29,999 9 1 7 7 0
$30,000 or more 13 10 3 3 0
Median 5116 4864 5191 5451 3705
Mean 7403 8643 6748 7040 3177
Properties with no capital
improvements between 1998 and 2000
174 93 81 81 0
Capital improvements not
reported
95 54 41 39 2

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
221 76 144 133 11
Less than $500 24 14 10 10 0
$500 to $999 25 7 18 18 0
$1,000 to $2,499 78 20 58 47 11
$2,500 to $4,999 53 20 33 33 0
$5,000 to $7,499 14 6 8 8 0
$7,500 to $9,999 8 0 8 8 0
$10,000 to $14,999 10 1 8 8 0
$15,000 to $19,999 9 9 0 0 0
$20,000 to $29,999 2 0 2 2 0
$30,000 or more 0 0 0 0 0
Median 2191 2289 2156 2251 1750
Mean 3318 3874 3024 3155 1423
Properties with no capital
improvements between 1998 and 2000
174 93 81 81 0
Capital improvements not
reported
95 54 41 39 2

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
458 222 236 223 13
Less than $100 24 16 8 8 0
$100 to $199 67 38 29 27 2
$200 to $299 82 34 48 48 0
$300 to $399 113 50 63 54 9
$400 to $499 47 16 31 29 2
$500 to $599 31 14 17 17 0
$600 to $799 23 11 12 12 0
$800 to $999 32 19 13 13 0
$1000 or more 12 8 4 4 0
No rental receipts 27 17 10 10 0
Median 338 331 343 342 349
Mean 368 376 361 364 305
Acquired 2000 and 2001 (part) 32 2 30 30 0

Rental Receipts as Percent of Value@8

Acquired before 2000
458 222 236 223 13
Less than 5 percent 33 9 24 24 0
5 to 9 percent 86 35 51 40 11
10 to 14 percent 213 111 101 99 2
15 to 19 percent 46 22 24 24 0
20 to 24 percent 24 8 16 16 0
25 to 29 percent 5 5 0 0 0
30 to 39 percent 7 7 0 0 0
40 percent or more 7 5 3 3 0
Median 12 13 12 12 8
Acquired 2000 and 2001 (part) 32 2 30 30 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
458 222 236 223 13
Less than 1.0 percent 103 46 57 57 0
1.0 to 2.9 percent 11 4 7 7 0
3.0 to 4.9 percent 18 6 12 12 0
5.0 to 6.9 percent 11 3 7 7 0
7.0 to 8.9 percent 24 10 15 15 0
9.0 to 10.9 percent 12 4 7 7 0
11.0 to 12.9 percent 8 4 3 3 0
13.0 to 14.9 percent 3 2 1 1 0
15.0 percent or more 70 30 40 31 9
Not reported or not computed 199 113 85 81 5
Median 4.7 4.5 4.9 4.1 57.5
Acquired 2000 and 2001 (part) 32 2 30 30 0

Age Restrictions

Property restricted to people
age 55 or older
92 40 52 52 0
Property not restricted to people
age 55 or older
373 168 205 191 13
Not reported 25 15 9 9 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
2 2 0 0 0
Government rental subsidy 17 1 16 9 6
Government grant 0 0 0 0 0
Property tax relief 9 0 9 9 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 406 180 225 218 7
Not reported 57 40 16 16 0

Source of Property Benefits@1

With property benefits
28 3 25 18 6
Federal government 15 2 13 7 6
State government 7 1 6 6 0
Local government 7 1 6 6 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 406 180 225 218 7
Not reported 57 40 16 16 0

Reason for Benefits@1

With property benefits
28 3 25 18 6
Occupied by low- or moderate-income
individuals
18 1 16 10 6
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
2 0 2 2 0
Covered by a Homestead Exemption 5 0 5 5 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 406 180 225 218 7
Not reported 57 40 16 16 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
397 177 220 207 13
Limited partnership 32 17 14 14 0
Joint venture 2 2 0 0 0
General partnership 13 8 4 4 0
Life insurance company 0 0 0 0 0
Depository institution 2 0 2 2 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
30 12 18 18 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 10 2 8 8 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 5 5 0 0 0

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
458 222 236 223 13
Less than $100 47 21 26 26 0
$100 to $199 44 29 14 14 0
$200 to $299 56 34 22 22 0
$300 to $399 62 22 41 41 0
$400 to $499 45 13 33 33 0
$500 to $599 28 8 20 20 0
$600 to $699 21 14 7 2 5
$700 to $799 34 15 20 20 0
$800 to $899 19 12 7 7 0
$900 to $999 34 20 14 14 0
$1,000 to $1,249 17 5 12 12 0
$1,250 to $1,499 11 1 10 4 6
$1,500 to $1,999 15 4 11 8 2
$2,000 to $2,499 3 3 0 0 0
$2,500 or more 2 2 0 0 0
Not reported 20 19 0 0 0
Median 423 378 447 426 1333
Mean 541 526 555 522 1104
Acquired 2000 and 2001 (part) 32 2 30 30 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
458 222 236 223 13
Less than $5 62 24 38 38 0
$5 to $9 155 86 69 69 0
$10 to $14 60 24 36 34 2
$15 to $19 61 25 36 31 5
$20 to $24 34 14 19 19 0
$25 to $29 27 7 20 14 6
$30 to $39 39 22 17 17 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 20 19 0 0 0
Median 10 9 11 11 20
Acquired 2000 and 2001 (part) 32 2 30 30 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
458 222 236 223 13
Less than 5 percent 36 17 19 19 0
5 to 9 percent 154 83 71 71 0
10 to 14 percent 77 23 54 52 2
15 to 19 percent 43 20 23 21 2
20 to 24 percent 23 6 17 17 0
25 to 29 percent 13 6 7 7 0
30 to 34 percent 22 17 5 3 2
35 to 39 percent 19 7 13 6 6
40 percent or more 14 4 10 10 0
Not reported or not computed 56 39 17 17 0
Median 11 9 12 11 34
Acquired 2000 and 2001 (part) 32 2 30 30 0

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