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Residential Finance Survey: 2001 - West
Table 5-1e. 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
458 179 279 279 0

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
392 148 244 244 0
In central cities 225 104 121 121 0
Not in central cities 168 44 124 124 0
Outside MAs 65 31 34 34 0

Number of Housing Units

2 housing units
310 129 181 181 0
3 housing units 56 16 40 40 0
4 housing units 91 34 57 57 0

Manner of Acquisition

By purchase
396 137 259 259 0
Placed one new mortgage 291 70 221 221 0
Placed two or more new mortgages 21 10 11 11 0
Assumed mortgage(s) already on property 26 5 22 22 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
8 8 0 0 0
Paid all cash-no borrowing 42 39 2 2 0
Other manner 5 5 0 0 0
By inheritance or gift 35 27 7 7 0
By divorce 3 3 0 0 0
By tax free exchange of
other property
14 5 10 10 0
By foreclosure or assignment 0 0 0 0 0
By some other manner 6 6 0 0 0
Not reported 4 1 3 3 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
131 27 104 104 0
Sale of stock or other partnership
shares for this project
0 0 0 0 0
Sale of previously owned stocks,
shares, or other securities
6 0 6 6 0
Sale of land or other real estate 14 4 10 10 0
Owner's cash, bank deposits,
share accounts, or bonds
82 19 63 63 0
Borrowing from a retirement plan 0 0 0 0 0
Borrowing using assets other than this
property as collateral
9 4 5 5 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 0 0 0 0 0
From parents or relatives 7 0 7 7 0
Other cash source 4 0 4 4 0
Non-cash source 0 0 0 0 0
No downpayment required 6 0 6 6 0
Not reported 12 2 10 10 0
Other properties 324 151 172 172 0
Not reported 3 0 3 3 0

Year Property Acquired

1999 to 2001 (part)
72 9 63 63 0
1997 and 1998 51 25 25 25 0
1995 and 1996 41 11 30 30 0
1990 to 1994 52 9 43 43 0
1985 to 1989 79 30 49 49 0
1980 to 1984 50 19 31 31 0
1975 to 1979 55 39 16 16 0
1970 to 1974 36 21 15 15 0
1969 or earlier 23 16 6 6 0

Building and Land Acquisition

Acquired at same time
389 138 251 251 0
Not acquired at same time 45 28 17 17 0
Land not owned by building owner 6 6 0 0 0
Not reported 18 7 10 10 0

Property New or Previously Owned When
Acquired

Acquired by purchase
396 137 259 259 0
New 48 22 27 27 0
Previously owned 344 115 229 229 0
As residential property 322 103 219 219 0
Converted from nonresidential use 22 13 10 10 0
Other 0 0 0 0 0
Not reported 3 0 3 3 0
Other properties 58 41 17 17 0
Not reported 4 1 3 3 0

Year Structure Built

1999 to March 2000
7 1 6 6 0
1997 and 1998 3 0 3 3 0
1995 and 1996 12 1 10 10 0
1990 to 1994 16 4 13 13 0
1980 to 1989 43 10 33 33 0
1970 to 1979 100 49 51 51 0
1960 to 1969 67 22 45 45 0
1950 to 1959 67 21 46 46 0
1940 to 1949 38 17 22 22 0
1939 or earlier 104 54 50 50 0

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
93 18 76 76 0
Less than $20,000 3 0 3 3 0
$20,000 to $39,999 29 7 23 23 0
$40,000 to $59,999 19 6 14 14 0
$60,000 to $79,999 11 3 8 8 0
$80,000 to $99,999 10 0 10 10 0
$100,000 to $124,999 8 0 8 8 0
$125,000 to $149,999 6 2 3 3 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 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 1 0 1 1 0
Median 55529 48372 58440 58440 0
Mean 74074 58085 77817 77817 0
Other properties 364 161 203 203 0

Value

Less than $20,000
5 4 1 1 0
$20,000 to $39,999 4 4 0 0 0
$40,000 to $59,999 11 6 5 5 0
$60,000 to $79,999 15 8 7 7 0
$80,000 to $99,999 39 22 17 17 0
$100,000 to $124,999 50 29 21 21 0
$125,000 to $149,999 38 17 21 21 0
$150,000 to $174,999 40 11 29 29 0
$175,000 to $199,999 28 3 25 25 0
$200,000 to $249,999 55 10 45 45 0
$250,000 to $299,999 45 22 23 23 0
$300,000 to $499,999 64 26 38 38 0
$500,000 or more 65 17 48 48 0
Median 199503 149722 215194 215194 0
Mean 259345 214218 288252 288252 0

Value Per Housing Unit@8

Less than $20,000
14 10 3 3 0
$20,000 to $39,999 42 21 21 21 0
$40,000 to $59,999 94 49 45 45 0
$60,000 to $79,999 84 33 51 51 0
$80,000 to $99,999 36 5 31 31 0
$100,000 to $124,999 47 10 37 37 0
$125,000 to $149,999 48 18 30 30 0
$150,000 to $174,999 38 16 23 23 0
$175,000 to $199,999 13 6 7 7 0
$200,000 to $249,999 7 0 7 7 0
$250,000 to $299,999 9 7 2 2 0
$300,000 to $499,999 21 3 18 18 0
$500,000 or more 4 0 4 4 0
Median 78945 65260 92606 92606 0
Mean 105822 89673 116166 116166 0

Purchase Price as Percent of Value@8

Acquired by purchase
396 137 259 259 0
Purchased 1997 to 2001 (part) 93 18 76 76 0
Less than 60 percent 17 2 16 16 0
60 to 69 percent 6 0 6 6 0
70 to 79 percent 15 2 14 14 0
80 to 99 percent 20 0 20 20 0
100 percent or more 35 14 20 20 0
Median 88 3502 82 82 0
Purchased 1990 to 1996 (part) 86 17 69 69 0
Less than 40 percent 13 0 13 13 0
40 to 59 percent 33 4 29 29 0
60 to 79 percent 19 8 11 11 0
80 to 99 percent 6 0 6 6 0
100 percent or more 15 5 10 10 0
Median 58 71 55 55 0
Purchased 1989 or earlier 216 102 114 114 0
Less than 20 percent 45 19 26 26 0
20 to 39 percent 69 39 30 30 0
40 to 59 percent 41 21 20 20 0
60 to 79 percent 29 10 19 19 0
80 to 99 percent 9 3 6 6 0
100 percent or more 23 10 13 13 0
Median 38 36 41 41 0
Not acquired by purchase 62 42 20 20 0

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
219 94 124 124 0
Less than $500 4 4 0 0 0
$500 to $999 10 4 5 5 0
$1,000 to $2,499 67 22 45 45 0
$2,500 to $4,999 26 17 9 9 0
$5,000 to $7,499 39 14 25 25 0
$7,500 to $9,999 11 8 3 3 0
$10,000 to $14,999 17 9 8 8 0
$15,000 to $19,999 19 7 12 12 0
$20,000 to $29,999 14 6 7 7 0
$30,000 or more 12 3 9 9 0
Median 5166 5028 5244 5244 0
Mean 8174 8087 8241 8241 0
Properties with no capital
improvements between 1998 and 2000
182 61 121 121 0
Capital improvements not
reported
57 23 33 33 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
219 94 124 124 0
Less than $500 25 12 13 13 0
$500 to $999 35 14 21 21 0
$1,000 to $2,499 57 27 30 30 0
$2,500 to $4,999 46 18 28 28 0
$5,000 to $7,499 22 9 12 12 0
$7,500 to $9,999 15 5 9 9 0
$10,000 to $14,999 13 6 6 6 0
$15,000 to $19,999 3 0 3 3 0
$20,000 to $29,999 3 3 0 0 0
$30,000 or more 0 0 0 0 0
Median 2280 2191 2360 2360 0
Mean 3498 3805 3265 3265 0
Properties with no capital
improvements between 1998 and 2000
182 61 121 121 0
Capital improvements not
reported
57 23 33 33 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
406 175 231 231 0
Less than $100 10 9 2 2 0
$100 to $199 12 5 6 6 0
$200 to $299 40 22 18 18 0
$300 to $399 51 20 30 30 0
$400 to $499 62 26 36 36 0
$500 to $599 79 31 49 49 0
$600 to $799 27 5 22 22 0
$800 to $999 56 26 30 30 0
$1000 or more 60 23 37 37 0
No rental receipts 9 8 1 1 0
Median 530 502 547 547 0
Mean 683 618 732 732 0
Acquired 2000 and 2001 (part) 51 4 48 48 0

Rental Receipts as Percent of Value@8

Acquired before 2000
406 175 231 231 0
Less than 5 percent 73 27 46 46 0
5 to 9 percent 158 59 100 100 0
10 to 14 percent 140 67 72 72 0
15 to 19 percent 14 2 12 12 0
20 to 24 percent 2 2 0 0 0
25 to 29 percent 0 0 0 0 0
30 to 39 percent 0 0 0 0 0
40 percent or more 10 10 0 0 0
Median 9 10 8 8 0
Acquired 2000 and 2001 (part) 51 4 48 48 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
406 175 231 231 0
Less than 1.0 percent 144 48 96 96 0
1.0 to 2.9 percent 8 6 2 2 0
3.0 to 4.9 percent 32 17 15 15 0
5.0 to 6.9 percent 15 8 7 7 0
7.0 to 8.9 percent 12 0 12 12 0
9.0 to 10.9 percent 13 9 5 5 0
11.0 to 12.9 percent 7 2 5 5 0
13.0 to 14.9 percent 1 1 0 0 0
15.0 percent or more 44 20 24 24 0
Not reported or not computed 130 64 66 66 0
Median 1.0 3.1 0.9 0.9 0.0
Acquired 2000 and 2001 (part) 51 4 48 48 0

Age Restrictions

Property restricted to people
age 55 or older
104 50 54 54 0
Property not restricted to people
age 55 or older
350 126 224 224 0
Not reported 4 3 1 1 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
3 0 3 3 0
Government rental subsidy 19 0 19 19 0
Government grant 1 0 1 1 0
Property tax relief 4 0 4 4 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 395 162 233 233 0
Not reported 38 16 22 22 0

Source of Property Benefits@1

With property benefits
24 0 24 24 0
Federal government 9 0 9 9 0
State government 9 0 9 9 0
Local government 9 0 9 9 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 395 162 233 233 0
Not reported 38 16 22 22 0

Reason for Benefits@1

With property benefits
24 0 24 24 0
Occupied by low- or moderate-income
individuals
20 0 20 20 0
Occupied by elderly or disabled
individuals
5 0 5 5 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 4 0 4 4 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 395 162 233 233 0
Not reported 38 16 22 22 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
404 150 255 255 0
Limited partnership 11 6 6 6 0
Joint venture 4 4 0 0 0
General partnership 7 3 4 4 0
Life insurance company 4 0 4 4 0
Depository institution 0 0 0 0 0
Public real estate investment trust 1 0 1 1 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
21 13 8 8 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 6 4 2 2 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 0 0 0 0 0

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
406 175 231 231 0
Less than $100 32 21 12 12 0
$100 to $199 7 5 2 2 0
$200 to $299 32 20 12 12 0
$300 to $399 42 21 21 21 0
$400 to $499 40 16 23 23 0
$500 to $599 29 13 16 16 0
$600 to $699 38 14 24 24 0
$700 to $799 21 9 12 12 0
$800 to $899 13 2 11 11 0
$900 to $999 28 9 19 19 0
$1,000 to $1,249 50 14 36 36 0
$1,250 to $1,499 23 5 17 17 0
$1,500 to $1,999 20 6 13 13 0
$2,000 to $2,499 6 3 3 3 0
$2,500 or more 9 0 9 9 0
Not reported 17 16 1 1 0
Median 632 476 747 747 0
Mean 814 571 981 981 0
Acquired 2000 and 2001 (part) 51 4 48 48 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
406 175 231 231 0
Less than $5 90 37 53 53 0
$5 to $9 167 74 93 93 0
$10 to $14 73 34 40 40 0
$15 to $19 37 6 30 30 0
$20 to $24 9 5 4 4 0
$25 to $29 5 0 5 5 0
$30 to $39 8 2 6 6 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 17 16 1 1 0
Median 8 8 8 8 0
Acquired 2000 and 2001 (part) 51 4 48 48 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
406 175 231 231 0
Less than 5 percent 60 32 28 28 0
5 to 9 percent 126 54 72 72 0
10 to 14 percent 98 43 56 56 0
15 to 19 percent 51 14 37 37 0
20 to 24 percent 9 2 7 7 0
25 to 29 percent 17 6 11 11 0
30 to 34 percent 4 0 4 4 0
35 to 39 percent 4 0 4 4 0
40 percent or more 9 0 9 9 0
Not reported or not computed 26 24 2 2 0
Median 10 9 11 11 0
Acquired 2000 and 2001 (part) 51 4 48 48 0

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