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Residential Finance Survey

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Residential Finance Survey: 2001 - South
Table 6-1d. Mortgage Status, Rental and Vacant 5- to 49-Housing-Unit Properties
^Number of properties.
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.
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^^

Total properties Nonmortgaged properties Mortgaged properties

5-to-49-housing-unit properties
93496 42766 50731

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
76126 35288 40838
In central cities 43204 20923 22281
Not in central cities 32922 14365 18556
Outside MAs 17371 7477 9893

Number of Housing Units

5 to 9 housing units
48834 24028 24806
10 to 19 housing units 23830 12398 11433
20 to 29 housing units 10748 3836 6911
30 to 39 housing units 5815 1487 4328
40 to 49 housing units 4269 1015 3253

Manner of Acquisition

By purchase
78840 34442 44398
Placed one new mortgage 54536 17949 36587
Placed two or more new mortgages 4321 966 3356
Assumed mortgage(s) already on property 4460 2180 2280
Assumed mortgage(s) already on property
and placed new mortgage
1080 195 885
Borrowed using assets other than this
property as collateral
1099 891 208
Paid all cash-no borrowing 11690 11124 566
Other manner 1653 1136 517
By inheritance or gift 4398 3826 572
By divorce 115 115 0
By tax free exchange of
other property
1151 773 378
By foreclosure or assignment 1049 103 946
By some other manner 1496 1066 431
Not reported 6447 2441 4006

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
28772 7546 21227
Sale of stock or other partnership
shares for this project
505 0 505
Sale of previously owned stocks,
shares, or other securities
1706 0 1706
Sale of land or other real estate 3835 2125 1710
Owner's cash, bank deposits,
share accounts, or bonds
12090 3222 8868
Borrowing from a retirement plan 0 0 0
Borrowing using assets other than this
property as collateral
2240 463 1777
Proceeds from an insurance policy 0 0 0
From a state or local government source 125 125 0
From a non-profit organization 250 186 64
Proceeds from sale of tax credits 111 0 111
From parents or relatives 649 0 649
Other cash source 1489 460 1029
Non-cash source 371 0 371
No downpayment required 4912 1111 3801
Not reported 3189 472 2717
Other properties 61098 34081 27017
Not reported 3626 1139 2487

Year Property Acquired

1999 to 2001 (part)
19001 6378 12623
1997 and 1998 10011 3484 6528
1995 and 1996 8174 2741 5434
1990 to 1994 16347 6002 10345
1985 to 1989 11056 3651 7405
1980 to 1984 9308 4636 4672
1975 to 1979 5735 3650 2086
1970 to 1974 6694 5361 1333
1969 or earlier 7169 6863 306

Building and Land Acquisition

Acquired at same time
68446 32828 35618
Not acquired at same time 17207 7967 9240
Land not owned by building owner 1060 30 1030
Not reported 6783 1940 4843

Property New or Previously Owned When
Acquired

Acquired by purchase
78840 34442 44398
New 27882 14235 13647
Previously owned 49386 19610 29776
As residential property 46056 18356 27699
Converted from nonresidential use 3331 1254 2077
Other 506 456 50
Not reported 1065 141 924
Other properties 8210 5883 2327
Not reported 6447 2441 4006

Year Structure Built

1999 to March 2000
2409 27 2382
1997 and 1998 2355 1029 1325
1995 and 1996 2916 777 2139
1990 to 1994 5943 1722 4221
1980 to 1989 20433 8120 12313
1970 to 1979 19206 9536 9670
1960 to 1969 15968 8157 7811
1950 to 1959 9402 4836 4566
1940 to 1949 4775 2614 2161
1939 or earlier 10089 5947 4142

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
21549 5520 16029
Less than $20,000 5467 1339 4128
$20,000 to $39,999 9150 3352 5798
$40,000 to $59,999 3399 476 2923
$60,000 to $79,999 1222 0 1222
$80,000 to $99,999 636 0 636
$100,000 to $124,999 335 0 335
$125,000 to $149,999 0 0 0
$150,000 to $174,999 310 0 310
$175,000 to $199,999 0 0 0
$200,000 to $249,999 0 0 0
$250,000 to $299,999 0 0 0
$300,000 to $499,999 0 0 0
$500,000 or more 852 176 677
Median 31407 27949 33407
Mean 60594 40584 67263
Other properties 71947 37246 34701

Value

Less than $100,000
11291 6677 4614
$100,000 to $199,999 20240 13230 7010
$200,000 to $299,999 15653 7193 8460
$300,000 to $399,999 8911 3638 5273
$400,000 to $499,999 7424 2610 4815
$500,000 to $749,999 9860 3145 6715
$750,000 to $999,999 6068 1842 4227
$1,000,000 to $1,499,999 4779 1339 3440
$1,500,000 to $1,999,999 3901 457 3444
$2,000,000 to $2,999,999 2215 550 1665
$3,000,000 to $3,999,999 1103 1081 22
$4,000,000 to $4,999,999 292 131 161
$5,000,000 or more 1759 873 885
Median 297218 220508 400190
Mean 656145 601402 702293

Value Per Housing Unit@8

Less than $20,000
26395 15371 11024
$20,000 to $39,999 35309 16484 18826
$40,000 to $59,999 16183 4771 11412
$60,000 to $79,999 3901 1667 2235
$80,000 to $99,999 3219 1608 1611
$100,000 to $124,999 2614 792 1823
$125,000 to $149,999 777 317 460
$150,000 to $174,999 996 68 928
$175,000 to $199,999 253 253 0
$200,000 to $249,999 539 214 325
$250,000 to $299,999 826 312 515
$300,000 to $499,999 1105 209 896
$500,000 or more 1378 701 677
Median 31528 27294 35236
Mean 52370 46914 56969

Purchase Price as Percent of Value@8

Acquired by purchase
78840 34442 44398
Purchased 1997 to 2001 (part) 21549 5520 16029
Less than 60 percent 2409 0 2409
60 to 69 percent 1243 0 1243
70 to 79 percent 1808 696 1112
80 to 99 percent 6103 410 5693
100 percent or more 9808 4236 5572
Median 97 3462 91
Purchased 1990 to 1996 (part) 21244 6888 14356
Less than 40 percent 3266 1127 2139
40 to 59 percent 1749 603 1146
60 to 79 percent 6927 1508 5419
80 to 99 percent 4122 2162 1960
100 percent or more 5180 1488 3692
Median 76 82 74
Purchased 1989 or earlier 36047 22034 14013
Less than 20 percent 2551 2466 85
20 to 39 percent 6566 5664 902
40 to 59 percent 8048 4222 3827
60 to 79 percent 7888 4257 3631
80 to 99 percent 4502 2329 2172
100 percent or more 6461 3064 3397
Median 62 54 72
Not acquired by purchase 14656 8324 6332

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
38341 15346 22995
Less than $5,000 9159 3084 6075
$5,000 to $9,999 8116 3989 4126
$10,000 to $24,999 10523 4911 5612
$25,000 to $49,999 4330 1210 3119
$50,000 to $74,999 2910 1685 1224
$75,000 to $99,999 612 89 523
$100,000 to $149,999 1224 28 1197
$150,000 to $199,999 369 172 197
$200,000 to $299,999 110 0 110
$300,000 or more 990 178 813
Median 12702 11831 13465
Mean 80302 134089 44406
Properties with no capital
improvements between 1998 and 2000
29362 13777 15585
Capital improvements not
reported
25793 13643 12151

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
38341 15346 22995
Less than $500 11304 3940 7364
$500 to $999 6525 2707 3819
$1,000 to $2,499 10736 4224 6512
$2,500 to $4,999 4402 2474 1928
$5,000 to $7,499 1997 700 1297
$7,500 to $9,999 1640 987 653
$10,000 to $14,999 367 0 367
$15,000 to $19,999 183 138 45
$20,000 to $29,999 608 0 608
$30,000 or more 580 178 402
Median 1187 1365 1073
Mean 6106 10269 3328
Properties with no capital
improvements between 1998 and 2000
29362 13777 15585
Capital improvements not
reported
25793 13643 12151

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
85008 39959 45050
Less than $100 16454 9823 6631
$100 to $199 10824 4823 6001
$200 to $299 14224 6673 7552
$300 to $399 14442 7418 7024
$400 to $499 10317 4306 6012
$500 to $599 6045 2640 3406
$600 to $799 2316 548 1767
$800 to $999 2446 1353 1093
$1000 or more 7151 1874 5277
No rental receipts 789 502 287
Median 304 276 331
Mean 1529 599 2353
Acquired 2000 and 2001 (part) 8488 2807 5681

Rental Receipts as Percent of Value@8

Acquired before 2000
85008 39959 45050
Less than 5 percent 2333 1499 833
5 to 9 percent 35284 16770 18514
10 to 14 percent 18371 8038 10333
15 to 19 percent 11968 5065 6903
20 to 24 percent 6895 3561 3334
25 to 29 percent 2076 1435 641
30 to 39 percent 2169 1209 960
40 percent or more 4995 1752 3243
Median 11 11 11
Acquired 2000 and 2001 (part) 8488 2807 5681

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
85008 39959 45050
Less than 1.0 percent 8628 3788 4840
1.0 to 2.9 percent 8200 1942 6258
3.0 to 4.9 percent 6917 4161 2756
5.0 to 6.9 percent 4581 2919 1662
7.0 to 8.9 percent 3295 1171 2125
9.0 to 10.9 percent 6485 2033 4452
11.0 to 12.9 percent 1320 38 1282
13.0 to 14.9 percent 2588 1518 1070
15.0 percent or more 10602 3592 7010
Not reported or not computed 32391 18797 13595
Median 6.1 5.5 7.2
Acquired 2000 and 2001 (part) 8488 2807 5681

Age Restrictions

Property restricted to people
age 55 or older
17768 9277 8490
Property not restricted to people
age 55 or older
69407 31714 37693
Not reported 6322 1774 4547

Age Composition

Over one-half the residents of the
building age 55 or older
5828 2546 3282
Over one-half the residents of the
building not age 55 or older
60740 26311 34429
Not reported 26928 13908 13020

Meal Service Provided by Properties
Exclusively or Predominantly Occupied by
People Age 55 or Older

Property provides meal service
10073 5543 4530
Charge included in rent 8522 5044 3478
Charge not included in rent 0 0 0
Not reported 1551 499 1052
Property does not provide meal
service
7567 3763 3804
Not reported 75856 33459 42397

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
2619 0 2619
Government rental subsidy 8632 2136 6496
Government grant 362 264 98
Property tax relief 774 522 252
Federal income tax credit for
low-income, old or historic properties
1928 0 1928
Accelerated federal income tax
depreciation for low- and
moderate-income properties
693 0 693
Subsidy from a non-profit corporation 395 173 222
None of the above benefits 66295 33772 32523
Not reported 15250 6189 9061

Source of Property Benefits@1

With property benefits
11951 2805 9146
Federal government 8956 1265 7691
State government 1341 799 542
Local government 2264 819 1444
Non-profit corporation 395 173 222
Not reported 309 81 227
With no property benefits 66295 33772 32523
Not reported 15250 6189 9061

Reason for Benefits@1

With property benefits
11951 2805 9146
Occupied by low- or moderate-income
individuals
10339 1899 8440
Occupied by elderly or disabled
individuals
3493 994 2499
A historic structure 511 81 430
Located in a community development or
economic development area
170 81 89
Covered by a Homestead Exemption 534 391 143
Covered by a Community Land Trust 54 0 54
Covered by disaster relief 54 0 54
Other reason 0 0 0
Not reported 300 231 69
With no property benefits 66295 33772 32523
Not reported 15250 6189 9061

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
25366 8263 17104
Property has never had tenants
receiving Section 8 assistance
53821 27848 25973
Not reported 14309 6655 7654

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
50590 25232 25358
Limited partnership 19195 6595 12600
Joint venture 358 103 255
General partnership 3317 861 2455
Life insurance company 144 0 144
Depository institution 0 0 0
Public real estate investment trust 348 122 226
Private real estate investment trust 185 185 0
Corporation - other than real estate
investment trust
12983 6678 6305
Housing cooperative organization 1154 803 351
Non-profit or church-related institution 2142 1451 691
Pension fund 0 0 0
Fraternal organization 8 0 8
Other 3073 735 2338

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
85008 39959 45050
Less than $100 15245 9750 5495
$100 to $199 14050 8078 5972
$200 to $299 13355 4893 8462
$300 to $399 10262 4391 5871
$400 to $499 7260 3024 4236
$500 to $599 5417 2802 2615
$600 to $699 2018 579 1439
$700 to $799 3874 1156 2718
$800 to $899 2464 1485 979
$900 to $999 467 171 296
$1,000 to $1,249 2109 513 1596
$1,250 to $1,499 1917 154 1763
$1,500 to $1,999 726 116 610
$2,000 to $2,499 506 142 364
$2,500 or more 1739 81 1658
Not reported 3599 2625 974
Median 285 217 336
Mean 444 311 556
Acquired 2000 and 2001 (part) 8488 2807 5681

Real Estate Tax Per $1,000 Value

Acquired before 2000
85008 39959 45050
Less than $5 22374 14074 8299
$5 to $9 15693 6652 9040
$10 to $14 16001 6321 9680
$15 to $19 9699 3503 6196
$20 to $24 6291 2480 3811
$25 to $29 3775 1481 2295
$30 to $39 7577 2823 4754
$40 to $49 0 0 0
$50 to $59 0 0 0
$60 or more 0 0 0
Not reported or not computed 3599 2625 974
Median 11 8 12
Acquired 2000 and 2001 (part) 8488 2807 5681

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
85008 39959 45050
Less than 5 percent 14778 7882 6896
5 to 9 percent 35057 17445 17613
10 to 14 percent 14175 5795 8380
15 to 19 percent 7714 2959 4755
20 to 24 percent 1668 706 962
25 to 29 percent 1749 672 1077
30 to 34 percent 1709 75 1634
35 to 39 percent 831 269 562
40 percent or more 2908 997 1911
Not reported or not computed 4420 3158 1261
Median 9 8 9
Acquired 2000 and 2001 (part) 8488 2807 5681

Property Management

Property managed by paid property
management company
38497 16536 21961
Property not managed by paid property
management company
41905 19796 22109
Not reported 13094 6434 6661

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
85008 39959 45050
Less than $100 841 45 795
$100 to $199 2916 1077 1840
$200 to $299 4134 1569 2564
$300 to $399 3215 1813 1402
$400 to $499 3492 1949 1543
$500 to $599 2481 1209 1272
$600 to $699 4216 1753 2463
$700 to $799 1267 166 1102
$800 to $899 1710 827 883
$900 to $999 571 84 488
$1,000 to $1,249 1303 344 959
$1,250 to $1,499 656 382 274
$1,500 to $1,999 1411 843 569
$2,000 to $2,499 441 38 403
$2,500 or more 3493 756 2738
No expenses 28814 13535 15279
Not reported or not computed 24047 13570 10476
Median 560 499 609
Acquired 2000 and 2001 (part) 8488 2807 5681

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
85008 39959 45050
Less than $100 3156 1266 1890
$100 to $199 4351 1181 3170
$200 to $299 4521 1826 2695
$300 to $399 6838 2768 4070
$400 to $499 3492 953 2539
$500 to $599 7292 5354 1938
$600 to $699 2993 886 2107
$700 to $799 4739 1235 3505
$800 to $899 2280 1300 980
$900 to $999 2212 517 1695
$1,000 to $1,249 4511 2477 2033
$1,250 to $1,499 2102 602 1500
$1,500 to $1,999 1810 1152 658
$2,000 to $2,499 744 475 268
$2,500 or more 4714 1513 3201
No expenses 3040 2279 761
Not reported or not computed 26213 14174 12039
Median 576 570 591
Acquired 2000 and 2001 (part) 8488 2807 5681

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
85008 39959 45050
Less than $250 13341 6053 7288
$250 to $499 17061 7685 9376
$500 to $749 9294 5035 4259
$750 to $999 2321 921 1400
$1,000 to $1,249 3681 1429 2253
$1,250 to $1,499 1276 727 549
$1,500 to $1,749 476 101 375
$1,750 to $1,999 841 254 588
$2,000 to $2,499 372 0 372
$2,500 or more 1985 367 1618
No expenses 10347 4468 5879
Not reported or not computed 24011 12918 11093
Median 426 420 430
Acquired 2000 and 2001 (part) 8488 2807 5681

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