Residential Finance Survey

Residential Finance Survey: 2001 - Northeast
Table 7-1b. Mortgage Status, Rental and Vacant 50-or-More-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
50-or-more-housing-unit properties	15092	2030	13062
PROPERTY CHARACTERISTICS Property Location by Geographic Area Inside MAs	14748	1991	12757
In central cities	8819	1304	7515
Not in central cities	5929	687	5242
Outside MAs	344	39	305
Number of Housing Units 50 to 74 housing units	5316	887	4430
75 to 99 housing units	2909	458	2451
100 to 149 housing units	3054	314	2740
150 to 199 housing units	1324	105	1219
200 to 299 housing units	1408	129	1279
300 to 499 housing units	798	106	692
500 to 999 housing units	212	28	183
1,000 or more housing units	71	2	69
Manner of Acquisition By purchase	13399	1752	11648
Placed one new mortgage	9604	558	9046
Placed two or more new mortgages	644	61	582
Assumed mortgage(s) already on property	1148	171	978
Assumed mortgage(s) already on property and placed new mortgage	433	40	393
Borrowed using assets other than this property as collateral	168	86	82
Paid all cash-no borrowing	860	520	340
Other manner	541	315	226
By inheritance or gift	257	90	167
By divorce	0	0	0
By tax free exchange of other property	51	0	51
By foreclosure or assignment	106	36	69
By some other manner	358	59	299
Not reported	921	93	828
Source of Downpayment@1 Properties purchased 1995 to 2001 (part)	3538	295	3243
Sale of stock or other partnership shares for this project	465	17	448
Sale of previously owned stocks, shares, or other securities	169	22	147
Sale of land or other real estate	135	16	119
Owner's cash, bank deposits, share accounts, or bonds	1414	126	1288
Borrowing from a retirement plan	0	0	0
Borrowing using assets other than this property as collateral	132	7	125
Proceeds from an insurance policy	0	0	0
From a state or local government source	113	0	113
From a non-profit organization	26	7	19
Proceeds from sale of tax credits	143	0	143
From parents or relatives	142	15	127
Other cash source	318	12	306
Non-cash source	23	0	23
No downpayment required	283	79	204
Not reported	698	51	647
Other properties	11253	1711	9543
Not reported	301	24	277
Year Property Acquired 1999 to 2001 (part)	1701	102	1599
1997 and 1998	1337	142	1195
1995 and 1996	1051	119	932
1990 to 1994	1420	207	1213
1985 to 1989	2335	162	2172
1980 to 1984	2537	201	2336
1975 to 1979	1367	158	1209
1970 to 1974	1312	176	1136
1969 or earlier	2032	762	1270
Building and Land Acquisition Acquired at same time	10931	1280	9652
Not acquired at same time	2975	601	2374
Land not owned by building owner	265	93	172
Not reported	921	56	865
Property New or Previously Owned When Acquired Acquired by purchase	13399	1752	11648
New	4556	708	3848
Previously owned	8527	950	7577
As residential property	8100	923	7177
Converted from nonresidential use	427	27	400
Other	90	25	65
Not reported	227	69	158
Other properties	771	185	586
Not reported	921	93	828
Year Structure Built 1999 to March 2000	289	23	265
1997 and 1998	342	57	285
1995 and 1996	296	69	227
1990 to 1994	574	89	484
1980 to 1989	1972	90	1882
1970 to 1979	2991	296	2694
1960 to 1969	2776	430	2347
1950 to 1959	1471	230	1241
1940 to 1949	1118	328	790
1939 or earlier	3265	417	2847
Purchase Price Per Housing Unit@8 Properties acquired by purchase 1997 to 2001 (part)	2631	207	2424
Less than $20,000	466	40	426
$20,000 to $39,999	963	35	927
$40,000 to $59,999	577	35	542
$60,000 to $79,999	179	9	170
$80,000 to $99,999	196	39	158
$100,000 to $124,999	81	3	78
$125,000 to $149,999	68	10	59
$150,000 to $174,999	17	10	7
$175,000 to $199,999	23	6	16
$200,000 to $249,999	31	2	28
$250,000 to $299,999	8	3	5
$300,000 to $499,999	6	0	6
$500,000 or more	0	0	0
Median	37477	51800	36938
Mean	49419	67336	48003
Other properties	12462	1823	10639
Value Less than $1,000,000	760	291	469
$1,000,000 to $1,999,999	2127	305	1822
$2,000,000 to $2,999,999	2403	327	2077
$3,000,000 to $3,999,999	1808	218	1591
$4,000,000 to $4,999,999	1182	102	1079
$5,000,000 to $7,499,999	2585	257	2328
$7,500,000 to $9,999,999	1047	93	954
$10,000,000 to $14,999,999	1413	170	1243
$15,000,000 to $19,999,999	646	63	583
$20,000,000 to $29,999,999	515	90	425
$30,000,000 to $39,999,999	225	52	173
$40,000,000 to $49,999,999	121	14	107
$50,000,000 or more	259	48	211
Median	4379342	3425805	4531103
Mean	7945632	7914582	7950457
Value Per Housing Unit@8 Less than $20,000	2001	464	1538
$20,000 to $39,999	5168	526	4643
$40,000 to $59,999	3681	316	3365
$60,000 to $79,999	1490	199	1292
$80,000 to $99,999	961	160	801
$100,000 to $124,999	678	117	561
$125,000 to $149,999	311	57	255
$150,000 to $174,999	199	32	167
$175,000 to $199,999	141	36	104
$200,000 to $249,999	166	38	128
$250,000 to $299,999	132	46	85
$300,000 to $499,999	84	22	62
$500,000 or more	70	8	62
Median	42018	41308	42085
Mean	57914	64023	56969
Purchase Price as Percent of Value@8 Acquired by purchase	13399	1752	11648
Purchased 1997 to 2001 (part)	2631	207	2424
Less than 60 percent	484	29	455
60 to 69 percent	108	9	99
70 to 79 percent	169	5	164
80 to 99 percent	566	26	540
100 percent or more	1289	123	1166
Median	99	2092	98
Purchased 1990 to 1996 (part)	2144	249	1895
Less than 40 percent	214	29	186
40 to 59 percent	240	21	218
60 to 79 percent	624	44	580
80 to 99 percent	304	64	240
100 percent or more	740	82	658
Median	79	88	79
Purchased 1989 or earlier	8625	1296	7329
Less than 20 percent	914	278	636
20 to 39 percent	1156	263	892
40 to 59 percent	1035	155	879
60 to 79 percent	973	167	807
80 to 99 percent	584	100	484
100 percent or more	3908	316	3592
Median	87	53	98
Not acquired by purchase	1693	278	1415
Value of Capital Improvements Properties with capital improvements between 1998 and 2000	9508	1150	8358
Less than $50,000	2076	305	1771
$50,000 to $99,999	1615	159	1456
$100,000 to $249,999	2721	301	2420
$250,000 to $499,999	1494	217	1277
$500,000 to $749,999	642	49	594
$750,000 to $999,999	241	37	204
$1,000,000 to $1,499,999	245	27	218
$1,500,000 to $1,999,999	114	9	105
$2,000,000 to $2,999,999	132	16	116
$3,000,000 or more	228	31	197
Median	158586	155521	158966
Mean	431239	381689	438057
Properties with no capital improvements between 1998 and 2000	2843	483	2359
Capital improvements not reported	2742	397	2345
Value of Capital Improvements Per Unit Properties with capital improvements between 1998 and 2000	9508	1150	8358
Less than $500	2093	226	1867
$500 to $999	1978	244	1734
$1,000 to $2,499	3027	289	2737
$2,500 to $4,999	1479	285	1194
$5,000 to $7,499	367	34	333
$7,500 to $9,999	128	21	108
$10,000 to $14,999	129	22	107
$15,000 to $19,999	99	11	88
$20,000 to $29,999	65	6	59
$30,000 or more	142	12	130
Median	1338	1545	1317
Mean	3057	2745	3100
Properties with no capital improvements between 1998 and 2000	2843	483	2359
Capital improvements not reported	2742	397	2345
Monthly Rental Receipts Per Housing Unit Acquired before 2000	14018	1992	12026
Less than $100	366	95	271
$100 to $199	248	74	174
$200 to $299	576	118	458
$300 to $399	1027	189	838
$400 to $499	1683	167	1517
$500 to $599	2793	471	2323
$600 to $799	2096	166	1930
$800 to $999	2753	287	2467
$1000 or more	2371	407	1965
No rental receipts	105	19	86
Median	625	573	641
Mean	745	718	749
Acquired 2000 and 2001 (part)	1074	37	1036
Rental Receipts as Percent of Value@8 Acquired before 2000	14018	1992	12026
Less than 5 percent	517	111	405
5 to 9 percent	1153	240	913
10 to 14 percent	3451	552	2899
15 to 19 percent	2753	269	2484
20 to 24 percent	2248	218	2031
25 to 29 percent	1210	144	1066
30 to 39 percent	1146	167	979
40 percent or more	1456	276	1180
Median	18	17	19
Acquired 2000 and 2001 (part)	1074	37	1036
Rental Vacancy Losses as Percent of Potential Receipts Acquired before 2000	14018	1992	12026
Less than 1.0 percent	3207	412	2796
1.0 to 2.9 percent	3063	361	2702
3.0 to 4.9 percent	1598	190	1408
5.0 to 6.9 percent	665	91	573
7.0 to 8.9 percent	379	52	327
9.0 to 10.9 percent	360	54	305
11.0 to 12.9 percent	151	50	101
13.0 to 14.9 percent	118	12	106
15.0 percent or more	303	26	277
Not reported or not computed	4174	746	3429
Median	2.1	2.2	2.1
Acquired 2000 and 2001 (part)	1074	37	1036
Age Restrictions Property restricted to people age 55 or older	2614	353	2261
Property not restricted to people age 55 or older	11921	1625	10296
Not reported	557	52	505
Age Composition Over one-half the residents of the building age 55 or older	1265	188	1076
Over one-half the residents of the building not age 55 or older	10097	1361	8735
Not reported	3731	480	3251
Meal Service Provided by Properties Exclusively or Predominantly Occupied by People Age 55 or Older Property provides meal service	1179	206	973
Charge included in rent	648	73	575
Charge not included in rent	174	25	149
Not reported	358	109	249
Property does not provide meal service	2712	297	2415
Not reported	11202	1526	9675
Type of Property Benefits@1 Government-sponsored below-market interest rate mortgage loan	1589	39	1551
Government rental subsidy	4718	331	4386
Government grant	267	95	172
Property tax relief	1454	185	1269
Federal income tax credit for low-income, old or historic properties	553	27	527
Accelerated federal income tax depreciation for low- and moderate-income properties	137	7	130
Subsidy from a non-profit corporation	108	29	79
None of the above benefits	7268	1409	5859
Not reported	1639	120	1519
Source of Property Benefits@1 With property benefits	6185	500	5685
Federal government	4373	300	4072
State government	1159	99	1061
Local government	1757	177	1580
Non-profit corporation	108	29	79
Not reported	121	3	118
With no property benefits	7268	1409	5859
Not reported	1639	120	1519
Reason for Benefits@1 With property benefits	6185	500	5685
Occupied by low- or moderate-income individuals	4751	316	4436
Occupied by elderly or disabled individuals	2488	245	2243
A historic structure	152	0	152
Located in a community development or economic development area	191	13	177
Covered by a Homestead Exemption	7	0	7
Covered by a Community Land Trust	0	0	0
Covered by disaster relief	5	0	5
Other reason	638	81	557
Not reported	262	24	238
With no property benefits	7268	1409	5859
Not reported	1639	120	1519
Section 8 Rental Housing Certificates and Vouchers Property did or does have tenants receiving Section 8 assistance	7273	718	6555
Property has never had tenants receiving Section 8 assistance	6452	1145	5307
Not reported	1367	167	1200
OWNER CHARACTERISTICS Type of Owner Individual investor(s)	1344	365	980
Limited partnership	5399	342	5057
Joint venture	70	14	56
General partnership	1271	187	1085
Life insurance company	167	131	35
Depository institution	0	0	0
Public real estate investment trust	122	46	76
Private real estate investment trust	12	12	0
Corporation - other than real estate investment trust	3354	428	2926
Housing cooperative organization	1827	185	1641
Non-profit or church-related institution	1029	273	756
Pension fund	23	3	20
Fraternal organization	0	0	0
Other	474	44	430
RECURRING EXPENSES Real Estate Tax Per Housing Unit Acquired before 2000	14018	1992	12026
Less than $100	1290	244	1046
$100 to $199	581	57	523
$200 to $299	709	120	589
$300 to $399	778	96	682
$400 to $499	1032	224	809
$500 to $599	1093	93	1000
$600 to $699	1301	149	1152
$700 to $799	1346	107	1239
$800 to $899	792	120	673
$900 to $999	740	41	699
$1,000 to $1,249	1617	173	1444
$1,250 to $1,499	713	66	647
$1,500 to $1,999	874	186	688
$2,000 to $2,499	346	99	247
$2,500 or more	560	110	450
Not reported	246	108	138
Median	708	673	711
Mean	889	958	878
Acquired 2000 and 2001 (part)	1074	37	1036
Real Estate Tax Per $1,000 Value Acquired before 2000	14018	1992	12026
Less than $5	1536	204	1332
$5 to $9	1215	175	1040
$10 to $14	2472	356	2116
$15 to $19	1804	212	1592
$20 to $24	1668	268	1400
$25 to $29	1215	109	1106
$30 to $39	3745	463	3282
$40 to $49	24	21	3
$50 to $59	0	0	0
$60 or more	85	68	16
Not reported or not computed	256	118	138
Median	20	20	20
Acquired 2000 and 2001 (part)	1074	37	1036
Real Estate Tax as Percent of Rental Receipts Acquired before 2000	14018	1992	12026
Less than 5 percent	2526	291	2236
5 to 9 percent	4796	651	4146
10 to 14 percent	3548	468	3080
15 to 19 percent	1503	257	1246
20 to 24 percent	604	47	556
25 to 29 percent	252	41	211
30 to 34 percent	134	50	83
35 to 39 percent	65	42	23
40 percent or more	270	33	238
Not reported or not computed	320	113	207
Median	10	10	9
Acquired 2000 and 2001 (part)	1074	37	1036
Property Management Property managed by paid property management company	12773	1566	11207
Property not managed by paid property management company	1689	330	1360
Not reported	630	135	495
Property Management and Administration Expenses Per Housing Unit Acquired before 2000	14018	1992	12026
Less than $100	141	28	113
$100 to $199	546	80	466
$200 to $299	1102	88	1014
$300 to $399	1742	297	1445
$400 to $499	1455	254	1201
$500 to $599	1262	90	1172
$600 to $699	966	190	777
$700 to $799	672	43	629
$800 to $899	502	59	443
$900 to $999	391	42	349
$1,000 to $1,249	987	125	862
$1,250 to $1,499	512	55	457
$1,500 to $1,999	631	72	559
$2,000 to $2,499	317	41	276
$2,500 or more	358	62	295
No expenses	879	146	732
Not reported or not computed	1556	320	1236
Median	564	518	567
Acquired 2000 and 2001 (part)	1074	37	1036
Maintenance and Repair Expenses Per Housing Unit Acquired before 2000	14018	1992	12026
Less than $100	208	20	188
$100 to $199	336	76	259
$200 to $299	593	74	519
$300 to $399	833	126	707
$400 to $499	895	109	786
$500 to $599	802	89	713
$600 to $699	747	65	682
$700 to $799	855	113	742
$800 to $899	875	117	758
$900 to $999	626	128	498
$1,000 to $1,249	1132	120	1012
$1,250 to $1,499	1042	131	910
$1,500 to $1,999	1512	285	1228
$2,000 to $2,499	688	43	645
$2,500 or more	1052	106	947
No expenses	68	15	53
Not reported or not computed	1753	374	1379
Median	895	909	892
Acquired 2000 and 2001 (part)	1074	37	1036
Utility and Fuel Expenses Per Housing Unit Acquired before 2000	14018	1992	12026
Less than $250	475	80	396
$250 to $499	1173	130	1044
$500 to $749	2494	263	2230
$750 to $999	2703	275	2428
$1,000 to $1,249	2423	336	2087
$1,250 to $1,499	1309	281	1028
$1,500 to $1,749	657	90	567
$1,750 to $1,999	334	86	247
$2,000 to $2,499	284	31	253
$2,500 or more	354	44	310
No expenses	128	16	112
Not reported or not computed	1683	360	1324
Median	931	1045	917
Acquired 2000 and 2001 (part)	1074	37	1036