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Residential Finance Survey

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Residential Finance Survey: 2001 - West
Table 6-1e. 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
150557 51264 99293

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
137507 48551 88955
In central cities 82790 28973 53816
Not in central cities 54717 19578 35139
Outside MAs 13050 2712 10338

Number of Housing Units

5 to 9 housing units
81812 32948 48864
10 to 19 housing units 37622 11839 25783
20 to 29 housing units 16258 3429 12829
30 to 39 housing units 8766 1893 6872
40 to 49 housing units 6100 1155 4945

Manner of Acquisition

By purchase
129378 40133 89245
Placed one new mortgage 92890 21035 71854
Placed two or more new mortgages 7251 1493 5759
Assumed mortgage(s) already on property 10143 2669 7474
Assumed mortgage(s) already on property
and placed new mortgage
3787 1661 2127
Borrowed using assets other than this
property as collateral
1784 1236 549
Paid all cash-no borrowing 8762 7655 1107
Other manner 4760 4384 376
By inheritance or gift 6648 5729 918
By divorce 187 0 187
By tax free exchange of
other property
3470 650 2820
By foreclosure or assignment 935 612 322
By some other manner 1861 920 941
Not reported 8079 3220 4860

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
46443 5755 40688
Sale of stock or other partnership
shares for this project
1556 113 1443
Sale of previously owned stocks,
shares, or other securities
1345 65 1280
Sale of land or other real estate 8483 374 8109
Owner's cash, bank deposits,
share accounts, or bonds
25034 3374 21660
Borrowing from a retirement plan 1330 0 1330
Borrowing using assets other than this
property as collateral
2915 237 2679
Proceeds from an insurance policy 362 0 362
From a state or local government source 553 38 515
From a non-profit organization 98 0 98
Proceeds from sale of tax credits 101 0 101
From parents or relatives 1242 466 775
Other cash source 847 0 847
Non-cash source 194 0 194
No downpayment required 2467 945 1522
Not reported 5727 901 4826
Other properties 99946 44486 55460
Not reported 4168 1023 3145

Year Property Acquired

1999 to 2001 (part)
27291 3694 23597
1997 and 1998 16206 1941 14265
1995 and 1996 11798 3871 7927
1990 to 1994 19823 3940 15883
1985 to 1989 20784 4401 16383
1980 to 1984 11228 4827 6402
1975 to 1979 14013 6422 7591
1970 to 1974 13957 9057 4900
1969 or earlier 15456 13110 2346

Building and Land Acquisition

Acquired at same time
125743 39039 86704
Not acquired at same time 16317 8316 8001
Land not owned by building owner 1422 686 736
Not reported 7075 3223 3852

Property New or Previously Owned When
Acquired

Acquired by purchase
129378 40133 89245
New 22273 10501 11772
Previously owned 104999 28306 76693
As residential property 100241 26916 73325
Converted from nonresidential use 4758 1390 3368
Other 767 287 480
Not reported 1339 1039 300
Other properties 13100 7911 5189
Not reported 8079 3220 4860

Year Structure Built

1999 to March 2000
6613 816 5797
1997 and 1998 2647 322 2325
1995 and 1996 1927 668 1259
1990 to 1994 4271 317 3954
1980 to 1989 16300 3146 13154
1970 to 1979 24890 10286 14604
1960 to 1969 36548 13713 22835
1950 to 1959 21906 9592 12313
1940 to 1949 8794 3586 5208
1939 or earlier 26662 8818 17843

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
37165 3900 33265
Less than $20,000 4116 1142 2974
$20,000 to $39,999 9315 1024 8291
$40,000 to $59,999 10314 407 9907
$60,000 to $79,999 4184 223 3960
$80,000 to $99,999 3476 172 3303
$100,000 to $124,999 2987 402 2585
$125,000 to $149,999 696 249 447
$150,000 to $174,999 618 281 337
$175,000 to $199,999 327 0 327
$200,000 to $249,999 239 0 239
$250,000 to $299,999 265 0 265
$300,000 to $499,999 0 0 0
$500,000 or more 457 0 457
Median 49822 35783 50662
Mean 63818 53450 65040
Other properties 113393 47364 66029

Value

Less than $100,000
5969 5057 911
$100,000 to $199,999 9197 4166 5031
$200,000 to $299,999 13552 5757 7794
$300,000 to $399,999 14848 6399 8448
$400,000 to $499,999 16422 4121 12301
$500,000 to $749,999 29769 9759 20011
$750,000 to $999,999 18017 6720 11297
$1,000,000 to $1,499,999 18354 4028 14326
$1,500,000 to $1,999,999 9645 2167 7478
$2,000,000 to $2,999,999 7313 1435 5878
$3,000,000 to $3,999,999 3490 780 2710
$4,000,000 to $4,999,999 1735 531 1204
$5,000,000 or more 2247 344 1904
Median 628416 503355 689407
Mean 940873 744593 1042209

Value Per Housing Unit@8

Less than $20,000
12667 7569 5098
$20,000 to $39,999 28713 9891 18822
$40,000 to $59,999 34293 10823 23470
$60,000 to $79,999 25713 7130 18583
$80,000 to $99,999 16775 4975 11799
$100,000 to $124,999 12856 5078 7777
$125,000 to $149,999 5169 1648 3521
$150,000 to $174,999 4832 2290 2542
$175,000 to $199,999 2685 532 2153
$200,000 to $249,999 3496 310 3186
$250,000 to $299,999 631 535 96
$300,000 to $499,999 1309 393 917
$500,000 or more 1418 89 1329
Median 59770 55101 62429
Mean 76215 67615 80656

Purchase Price as Percent of Value@8

Acquired by purchase
129378 40133 89245
Purchased 1997 to 2001 (part) 37165 3900 33265
Less than 60 percent 5300 199 5102
60 to 69 percent 2879 118 2761
70 to 79 percent 5733 64 5670
80 to 99 percent 9350 536 8814
100 percent or more 13730 2984 10746
Median 90 3254 87
Purchased 1990 to 1996 (part) 26204 4573 21631
Less than 40 percent 2543 466 2076
40 to 59 percent 6663 1932 4731
60 to 79 percent 6999 701 6298
80 to 99 percent 4311 413 3898
100 percent or more 5688 1061 4627
Median 71 59 73
Purchased 1989 or earlier 66010 31660 34350
Less than 20 percent 12774 7864 4910
20 to 39 percent 15713 8360 7353
40 to 59 percent 10277 3650 6627
60 to 79 percent 8711 4097 4614
80 to 99 percent 4455 1504 2951
100 percent or more 13772 6150 7622
Median 48 39 54
Not acquired by purchase 21179 11131 10048

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
71285 22729 48556
Less than $5,000 14693 4025 10668
$5,000 to $9,999 13963 5749 8214
$10,000 to $24,999 23879 8584 15295
$25,000 to $49,999 11133 2456 8678
$50,000 to $74,999 2741 702 2038
$75,000 to $99,999 855 328 527
$100,000 to $149,999 2095 591 1504
$150,000 to $199,999 712 93 618
$200,000 to $299,999 390 87 303
$300,000 or more 825 113 711
Median 14389 12780 15292
Mean 29662 19917 34224
Properties with no capital
improvements between 1998 and 2000
50211 18899 31312
Capital improvements not
reported
29061 9636 19425

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
71285 22729 48556
Less than $500 15526 3612 11914
$500 to $999 17887 5892 11995
$1,000 to $2,499 23731 9211 14520
$2,500 to $4,999 9388 3291 6097
$5,000 to $7,499 2236 143 2092
$7,500 to $9,999 314 0 314
$10,000 to $14,999 623 237 386
$15,000 to $19,999 923 0 923
$20,000 to $29,999 343 343 0
$30,000 or more 315 0 315
Median 1141 1303 1038
Mean 2363 1818 2618
Properties with no capital
improvements between 1998 and 2000
50211 18899 31312
Capital improvements not
reported
29061 9636 19425

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
131530 48754 82777
Less than $100 5456 3192 2264
$100 to $199 9739 3336 6403
$200 to $299 13473 4395 9078
$300 to $399 18705 8927 9778
$400 to $499 17247 7148 10099
$500 to $599 18194 5715 12479
$600 to $799 13675 4376 9300
$800 to $999 21158 8720 12438
$1000 or more 13381 2715 10665
No rental receipts 502 229 273
Median 505 462 529
Mean 1209 518 1616
Acquired 2000 and 2001 (part) 19027 2510 16517

Rental Receipts as Percent of Value@8

Acquired before 2000
131530 48754 82777
Less than 5 percent 5472 2765 2706
5 to 9 percent 51939 19415 32525
10 to 14 percent 43735 13533 30202
15 to 19 percent 15010 4687 10323
20 to 24 percent 3125 1674 1451
25 to 29 percent 2507 816 1691
30 to 39 percent 2369 1302 1067
40 percent or more 5667 3127 2539
Median 11 11 11
Acquired 2000 and 2001 (part) 19027 2510 16517

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
131530 48754 82777
Less than 1.0 percent 26617 13025 13592
1.0 to 2.9 percent 21204 6269 14935
3.0 to 4.9 percent 16397 4246 12151
5.0 to 6.9 percent 6464 2198 4266
7.0 to 8.9 percent 6941 1647 5294
9.0 to 10.9 percent 5236 1853 3383
11.0 to 12.9 percent 2073 401 1672
13.0 to 14.9 percent 1919 796 1123
15.0 percent or more 9272 3671 5601
Not reported or not computed 35407 14649 20758
Median 3.0 2.3 3.4
Acquired 2000 and 2001 (part) 19027 2510 16517

Age Restrictions

Property restricted to people
age 55 or older
36318 16002 20315
Property not restricted to people
age 55 or older
108611 31946 76665
Not reported 5628 3316 2313

Age Composition

Over one-half the residents of the
building age 55 or older
5389 2763 2626
Over one-half the residents of the
building not age 55 or older
99883 28789 71094
Not reported 45285 19712 25573

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

Property provides meal service
21537 10233 11305
Charge included in rent 16254 7562 8692
Charge not included in rent 58 58 0
Not reported 5226 2613 2613
Property does not provide meal
service
9063 2944 6119
Not reported 119957 38087 81870

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
3488 43 3445
Government rental subsidy 15779 3456 12323
Government grant 1002 102 900
Property tax relief 1695 174 1521
Federal income tax credit for
low-income, old or historic properties
1355 188 1167
Accelerated federal income tax
depreciation for low- and
moderate-income properties
77 0 77
Subsidy from a non-profit corporation 254 61 194
None of the above benefits 111450 39232 72217
Not reported 19355 8052 11302

Source of Property Benefits@1

With property benefits
19752 3979 15773
Federal government 11793 1741 10052
State government 2901 728 2173
Local government 7032 1489 5543
Non-profit corporation 254 61 194
Not reported 745 239 505
With no property benefits 111450 39232 72217
Not reported 19355 8052 11302

Reason for Benefits@1

With property benefits
19752 3979 15773
Occupied by low- or moderate-income
individuals
15708 2855 12853
Occupied by elderly or disabled
individuals
5277 1588 3690
A historic structure 182 96 86
Located in a community development or
economic development area
763 0 763
Covered by a Homestead Exemption 0 0 0
Covered by a Community Land Trust 0 0 0
Covered by disaster relief 486 0 486
Other reason 182 28 154
Not reported 1217 40 1178
With no property benefits 111450 39232 72217
Not reported 19355 8052 11302

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
53583 14654 38929
Property has never had tenants
receiving Section 8 assistance
82066 31633 50433
Not reported 14908 4977 9931

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
106794 37956 68837
Limited partnership 18635 7811 10824
Joint venture 950 237 713
General partnership 8008 1514 6495
Life insurance company 147 34 113
Depository institution 83 0 83
Public real estate investment trust 241 0 241
Private real estate investment trust 0 0 0
Corporation - other than real estate
investment trust
9686 2721 6965
Housing cooperative organization 197 29 168
Non-profit or church-related institution 2906 594 2312
Pension fund 0 0 0
Fraternal organization 0 0 0
Other 2911 368 2542

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
131530 48754 82777
Less than $100 9421 3467 5954
$100 to $199 10625 3948 6676
$200 to $299 20811 11090 9721
$300 to $399 20688 7588 13100
$400 to $499 14913 7008 7905
$500 to $599 12386 4325 8061
$600 to $699 8859 2273 6586
$700 to $799 7746 1677 6069
$800 to $899 6269 975 5294
$900 to $999 2668 0 2668
$1,000 to $1,249 5194 998 4196
$1,250 to $1,499 3101 586 2515
$1,500 to $1,999 3028 923 2105
$2,000 to $2,499 1082 382 700
$2,500 or more 658 274 384
Not reported 4082 3239 843
Median 415 356 470
Mean 520 442 563
Acquired 2000 and 2001 (part) 19027 2510 16517

Real Estate Tax Per $1,000 Value

Acquired before 2000
131530 48754 82777
Less than $5 37204 16198 21006
$5 to $9 45101 14824 30277
$10 to $14 28200 7474 20725
$15 to $19 7949 3586 4363
$20 to $24 1279 135 1144
$25 to $29 1626 713 912
$30 to $39 5988 2483 3505
$40 to $49 101 101 0
$50 to $59 0 0 0
$60 or more 0 0 0
Not reported or not computed 4082 3239 843
Median 8 7 8
Acquired 2000 and 2001 (part) 19027 2510 16517

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
131530 48754 82777
Less than 5 percent 28144 12522 15622
5 to 9 percent 57987 19142 38845
10 to 14 percent 24146 7490 16656
15 to 19 percent 5940 1029 4911
20 to 24 percent 3888 1448 2441
25 to 29 percent 2262 1302 961
30 to 34 percent 1325 298 1026
35 to 39 percent 632 473 159
40 percent or more 1417 377 1040
Not reported or not computed 5790 4674 1116
Median 8 7 8
Acquired 2000 and 2001 (part) 19027 2510 16517

Property Management

Property managed by paid property
management company
75857 22655 53203
Property not managed by paid property
management company
63612 24371 39241
Not reported 11088 4238 6850

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
131530 48754 82777
Less than $100 3100 1699 1401
$100 to $199 4589 1167 3422
$200 to $299 9184 3079 6106
$300 to $399 8252 2156 6096
$400 to $499 9284 3689 5595
$500 to $599 7597 2431 5166
$600 to $699 5186 2139 3047
$700 to $799 3042 875 2167
$800 to $899 1963 745 1219
$900 to $999 1328 690 639
$1,000 to $1,249 3381 631 2749
$1,250 to $1,499 1877 705 1172
$1,500 to $1,999 1663 577 1086
$2,000 to $2,499 1013 567 446
$2,500 or more 1920 417 1503
No expenses 44823 16749 28074
Not reported or not computed 23326 10438 12888
Median 471 473 469
Acquired 2000 and 2001 (part) 19027 2510 16517

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
131530 48754 82777
Less than $100 2030 1288 742
$100 to $199 5081 2125 2956
$200 to $299 9566 3628 5939
$300 to $399 7056 2725 4331
$400 to $499 8407 2246 6160
$500 to $599 8168 2691 5477
$600 to $699 8154 3346 4808
$700 to $799 8837 2398 6439
$800 to $899 6967 3117 3851
$900 to $999 3627 977 2650
$1,000 to $1,249 9307 3212 6095
$1,250 to $1,499 6211 2345 3866
$1,500 to $1,999 6155 1323 4832
$2,000 to $2,499 3926 1633 2293
$2,500 or more 9094 3908 5186
No expenses 2794 1347 1448
Not reported or not computed 26149 10445 15704
Median 732 718 737
Acquired 2000 and 2001 (part) 19027 2510 16517

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
131530 48754 82777
Less than $250 10771 3481 7291
$250 to $499 33934 12892 21042
$500 to $749 30442 9623 20819
$750 to $999 12703 3573 9130
$1,000 to $1,249 6207 2338 3869
$1,250 to $1,499 2790 1441 1349
$1,500 to $1,749 567 62 506
$1,750 to $1,999 331 193 138
$2,000 to $2,499 526 467 59
$2,500 or more 2064 240 1824
No expenses 6623 3878 2745
Not reported or not computed 24571 10564 14006
Median 545 520 556
Acquired 2000 and 2001 (part) 19027 2510 16517

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