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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

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