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Residential Finance Survey: 2001 - Midwest
Table 7-1c. 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
14693 1534 13159

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
13244 1490 11754
In central cities 6159 787 5373
Not in central cities 7085 703 6382
Outside MAs 1449 44 1405

Number of Housing Units

50 to 74 housing units
5029 574 4455
75 to 99 housing units 2004 252 1751
100 to 149 housing units 2777 414 2364
150 to 199 housing units 2720 122 2598
200 to 299 housing units 1259 95 1164
300 to 499 housing units 728 71 657
500 to 999 housing units 160 4 157
1,000 or more housing units 16 2 14

Manner of Acquisition

By purchase
13530 1255 12275
Placed one new mortgage 10637 541 10096
Placed two or more new mortgages 683 95 587
Assumed mortgage(s) already on property 1010 52 958
Assumed mortgage(s) already on property
and placed new mortgage
169 7 162
Borrowed using assets other than this
property as collateral
158 47 111
Paid all cash-no borrowing 573 332 241
Other manner 301 181 120
By inheritance or gift 128 52 76
By divorce 0 0 0
By tax free exchange of
other property
126 15 111
By foreclosure or assignment 51 13 38
By some other manner 308 55 253
Not reported 550 144 407

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
4380 345 4035
Sale of stock or other partnership
shares for this project
425 3 422
Sale of previously owned stocks,
shares, or other securities
65 2 63
Sale of land or other real estate 467 42 424
Owner's cash, bank deposits,
share accounts, or bonds
1889 89 1799
Borrowing from a retirement plan 12 0 12
Borrowing using assets other than this
property as collateral
359 10 348
Proceeds from an insurance policy 6 0 6
From a state or local government source 37 5 31
From a non-profit organization 34 20 14
Proceeds from sale of tax credits 204 1 203
From parents or relatives 29 0 29
Other cash source 320 36 284
Non-cash source 31 8 23
No downpayment required 287 40 246
Not reported 634 98 536
Other properties 10124 1136 8988
Not reported 189 53 136

Year Property Acquired

1999 to 2001 (part)
1923 257 1666
1997 and 1998 1867 139 1728
1995 and 1996 1030 76 954
1990 to 1994 1672 228 1444
1985 to 1989 1840 106 1734
1980 to 1984 1730 115 1615
1975 to 1979 2994 148 2847
1970 to 1974 985 168 817
1969 or earlier 651 298 354

Building and Land Acquisition

Acquired at same time
8150 817 7333
Not acquired at same time 5764 544 5220
Land not owned by building owner 92 32 60
Not reported 687 141 546

Property New or Previously Owned When
Acquired

Acquired by purchase
13530 1255 12275
New 7037 720 6318
Previously owned 6287 525 5762
As residential property 6082 511 5571
Converted from nonresidential use 205 14 191
Other 138 9 129
Not reported 68 2 66
Other properties 612 135 477
Not reported 550 144 407

Year Structure Built

1999 to March 2000
367 109 258
1997 and 1998 593 37 555
1995 and 1996 561 49 512
1990 to 1994 1014 180 834
1980 to 1989 2961 156 2806
1970 to 1979 5693 433 5260
1960 to 1969 1975 336 1639
1950 to 1959 291 56 235
1940 to 1949 153 12 141
1939 or earlier 1085 166 919

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
3420 272 3148
Less than $20,000 749 93 655
$20,000 to $39,999 1729 66 1663
$40,000 to $59,999 458 17 441
$60,000 to $79,999 311 70 241
$80,000 to $99,999 83 9 74
$100,000 to $124,999 20 5 15
$125,000 to $149,999 24 0 24
$150,000 to $174,999 4 0 4
$175,000 to $199,999 13 0 13
$200,000 to $249,999 3 0 3
$250,000 to $299,999 4 0 4
$300,000 to $499,999 5 0 5
$500,000 or more 0 0 0
Median 31021 31195 31015
Mean 35534 36943 35417
Other properties 11273 1262 10011

Value

Less than $1,000,000
801 219 582
$1,000,000 to $1,999,999 2497 273 2223
$2,000,000 to $2,999,999 2290 204 2085
$3,000,000 to $3,999,999 1931 243 1688
$4,000,000 to $4,999,999 1115 123 992
$5,000,000 to $7,499,999 1971 172 1799
$7,500,000 to $9,999,999 806 104 702
$10,000,000 to $14,999,999 2379 125 2254
$15,000,000 to $19,999,999 438 38 400
$20,000,000 to $29,999,999 280 17 263
$30,000,000 to $39,999,999 86 3 83
$40,000,000 to $49,999,999 44 4 40
$50,000,000 or more 56 8 48
Median 3910962 3287709 4001233
Mean 5954160 4801795 6088503

Value Per Housing Unit@8

Less than $20,000
2055 367 1688
$20,000 to $39,999 6103 605 5497
$40,000 to $59,999 4497 250 4246
$60,000 to $79,999 1191 149 1042
$80,000 to $99,999 304 52 252
$100,000 to $124,999 198 42 156
$125,000 to $149,999 129 4 125
$150,000 to $174,999 85 34 51
$175,000 to $199,999 49 6 43
$200,000 to $249,999 30 10 20
$250,000 to $299,999 22 0 22
$300,000 to $499,999 17 0 17
$500,000 or more 5 5 0
Median 37327 33064 37796
Mean 42416 43624 42276

Purchase Price as Percent of Value@8

Acquired by purchase
13530 1255 12275
Purchased 1997 to 2001 (part) 3420 272 3148
Less than 60 percent 318 39 278
60 to 69 percent 124 6 119
70 to 79 percent 344 0 344
80 to 99 percent 1195 32 1163
100 percent or more 1421 183 1238
Median 95 2739 94
Purchased 1990 to 1996 (part) 2474 267 2208
Less than 40 percent 248 23 226
40 to 59 percent 390 37 353
60 to 79 percent 556 15 541
80 to 99 percent 572 61 512
100 percent or more 689 113 576
Median 81 96 79
Purchased 1989 or earlier 7636 716 6920
Less than 20 percent 280 84 196
20 to 39 percent 612 154 458
40 to 59 percent 962 154 809
60 to 79 percent 2652 116 2535
80 to 99 percent 813 42 771
100 percent or more 2209 140 2070
Median 74 54 75
Not acquired by purchase 1163 279 884

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
8345 862 7483
Less than $50,000 2611 265 2346
$50,000 to $99,999 1703 162 1541
$100,000 to $249,999 2162 186 1976
$250,000 to $499,999 936 151 784
$500,000 to $749,999 333 34 299
$750,000 to $999,999 134 16 118
$1,000,000 to $1,499,999 178 13 165
$1,500,000 to $1,999,999 79 11 67
$2,000,000 to $2,999,999 62 11 51
$3,000,000 or more 148 14 134
Median 95858 103958 95265
Mean 367896 344548 370587
Properties with no capital
improvements between 1998 and 2000
4252 336 3916
Capital improvements not
reported
2096 336 1760

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
8345 862 7483
Less than $500 2524 203 2320
$500 to $999 2007 223 1784
$1,000 to $2,499 2649 266 2383
$2,500 to $4,999 664 105 559
$5,000 to $7,499 195 15 180
$7,500 to $9,999 82 16 66
$10,000 to $14,999 78 13 65
$15,000 to $19,999 29 5 24
$20,000 to $29,999 23 6 17
$30,000 or more 94 10 84
Median 911 1026 898
Mean 2827 3057 2801
Properties with no capital
improvements between 1998 and 2000
4252 336 3916
Capital improvements not
reported
2096 336 1760

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
13642 1455 12187
Less than $100 269 90 179
$100 to $199 473 129 344
$200 to $299 771 102 669
$300 to $399 1851 259 1592
$400 to $499 2191 203 1987
$500 to $599 2527 177 2351
$600 to $799 1737 138 1599
$800 to $999 2837 168 2669
$1000 or more 949 159 790
No rental receipts 37 29 8
Median 549 465 556
Mean 611 560 617
Acquired 2000 and 2001 (part) 1051 79 972

Rental Receipts as Percent of Value@8

Acquired before 2000
13642 1455 12187
Less than 5 percent 183 34 150
5 to 9 percent 526 99 427
10 to 14 percent 3220 451 2769
15 to 19 percent 5367 302 5065
20 to 24 percent 1891 209 1682
25 to 29 percent 1017 138 879
30 to 39 percent 740 78 662
40 percent or more 652 106 546
Median 18 17 18
Acquired 2000 and 2001 (part) 1051 79 972

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
13642 1455 12187
Less than 1.0 percent 1491 176 1315
1.0 to 2.9 percent 2451 189 2262
3.0 to 4.9 percent 2165 264 1901
5.0 to 6.9 percent 1160 76 1084
7.0 to 8.9 percent 2225 47 2179
9.0 to 10.9 percent 725 61 664
11.0 to 12.9 percent 423 21 402
13.0 to 14.9 percent 145 14 131
15.0 percent or more 751 147 603
Not reported or not computed 2106 460 1647
Median 4.7 4.0 4.8
Acquired 2000 and 2001 (part) 1051 79 972

Age Restrictions

Property restricted to people
age 55 or older
3387 444 2943
Property not restricted to people
age 55 or older
10833 1000 9833
Not reported 473 91 382

Age Composition

Over one-half the residents of the
building age 55 or older
1013 122 891
Over one-half the residents of the
building not age 55 or older
9519 825 8694
Not reported 4161 586 3574

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

Property provides meal service
2147 298 1848
Charge included in rent 1439 213 1226
Charge not included in rent 317 39 279
Not reported 391 47 344
Property does not provide meal
service
2113 228 1885
Not reported 10433 1008 9425

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
1211 22 1189
Government rental subsidy 3409 245 3164
Government grant 225 35 191
Property tax relief 893 94 800
Federal income tax credit for
low-income, old or historic properties
761 65 696
Accelerated federal income tax
depreciation for low- and
moderate-income properties
295 5 290
Subsidy from a non-profit corporation 224 6 219
None of the above benefits 8968 989 7978
Not reported 1046 184 862

Source of Property Benefits@1

With property benefits
4680 361 4319
Federal government 3768 277 3491
State government 678 115 563
Local government 573 103 470
Non-profit corporation 224 6 219
Not reported 145 1 143
With no property benefits 8968 989 7978
Not reported 1046 184 862

Reason for Benefits@1

With property benefits
4680 361 4319
Occupied by low- or moderate-income
individuals
3940 281 3658
Occupied by elderly or disabled
individuals
1968 152 1816
A historic structure 118 9 109
Located in a community development or
economic development area
289 25 263
Covered by a Homestead Exemption 45 6 39
Covered by a Community Land Trust 0 0 0
Covered by disaster relief 0 0 0
Other reason 132 41 90
Not reported 141 13 127
With no property benefits 8968 989 7978
Not reported 1046 184 862

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
5618 471 5147
Property has never had tenants
receiving Section 8 assistance
8033 857 7177
Not reported 1042 207 835

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
2013 303 1710
Limited partnership 5387 421 4965
Joint venture 108 0 108
General partnership 1376 125 1252
Life insurance company 21 8 13
Depository institution 9 9 0
Public real estate investment trust 322 95 226
Private real estate investment trust 74 2 72
Corporation - other than real estate
investment trust
3624 298 3326
Housing cooperative organization 50 8 42
Non-profit or church-related institution 1192 209 983
Pension fund 38 17 20
Fraternal organization 12 3 9
Other 467 35 432

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
13642 1455 12187
Less than $100 1165 162 1003
$100 to $199 615 84 531
$200 to $299 1256 109 1147
$300 to $399 1423 92 1330
$400 to $499 1419 195 1224
$500 to $599 1012 61 951
$600 to $699 1359 192 1167
$700 to $799 2281 63 2218
$800 to $899 768 81 687
$900 to $999 482 63 418
$1,000 to $1,249 676 88 588
$1,250 to $1,499 390 35 355
$1,500 to $1,999 293 23 270
$2,000 to $2,499 104 14 90
$2,500 or more 86 9 77
Not reported 314 182 132
Median 578 497 583
Mean 612 576 616
Acquired 2000 and 2001 (part) 1051 79 972

Real Estate Tax Per $1,000 Value

Acquired before 2000
13642 1455 12187
Less than $5 1342 143 1199
$5 to $9 1214 94 1120
$10 to $14 2687 277 2410
$15 to $19 3964 187 3777
$20 to $24 1606 160 1446
$25 to $29 1183 198 985
$30 to $39 1284 193 1092
$40 to $49 8 0 8
$50 to $59 0 0 0
$60 or more 31 12 19
Not reported or not computed 322 191 132
Median 17 18 17
Acquired 2000 and 2001 (part) 1051 79 972

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
13642 1455 12187
Less than 5 percent 2156 215 1941
5 to 9 percent 6310 479 5831
10 to 14 percent 3533 314 3219
15 to 19 percent 889 171 718
20 to 24 percent 269 41 228
25 to 29 percent 23 2 21
30 to 34 percent 12 2 10
35 to 39 percent 5 0 5
40 percent or more 94 20 74
Not reported or not computed 350 211 139
Median 9 9 9
Acquired 2000 and 2001 (part) 1051 79 972

Property Management

Property managed by paid property
management company
12768 1128 11640
Property not managed by paid property
management company
1467 305 1163
Not reported 458 102 357

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
13642 1455 12187
Less than $100 90 37 54
$100 to $199 558 90 468
$200 to $299 1297 145 1152
$300 to $399 1788 144 1643
$400 to $499 2986 161 2825
$500 to $599 934 83 851
$600 to $699 628 48 580
$700 to $799 419 49 370
$800 to $899 340 12 328
$900 to $999 439 17 422
$1,000 to $1,249 915 78 837
$1,250 to $1,499 584 31 553
$1,500 to $1,999 421 80 340
$2,000 to $2,499 73 30 43
$2,500 or more 247 36 211
No expenses 678 124 554
Not reported or not computed 1244 288 956
Median 471 465 472
Acquired 2000 and 2001 (part) 1051 79 972

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
13642 1455 12187
Less than $100 221 9 211
$100 to $199 624 98 525
$200 to $299 527 62 464
$300 to $399 706 57 649
$400 to $499 828 41 787
$500 to $599 1053 104 948
$600 to $699 718 122 596
$700 to $799 904 143 761
$800 to $899 2062 104 1958
$900 to $999 622 83 539
$1,000 to $1,249 1372 105 1267
$1,250 to $1,499 848 45 803
$1,500 to $1,999 934 70 863
$2,000 to $2,499 223 54 169
$2,500 or more 364 31 333
No expenses 142 25 117
Not reported or not computed 1496 299 1196
Median 821 750 825
Acquired 2000 and 2001 (part) 1051 79 972

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
13642 1455 12187
Less than $250 957 62 894
$250 to $499 3986 310 3677
$500 to $749 4209 324 3885
$750 to $999 1436 231 1205
$1,000 to $1,249 795 49 746
$1,250 to $1,499 296 76 220
$1,500 to $1,749 111 12 98
$1,750 to $1,999 64 24 40
$2,000 to $2,499 23 9 14
$2,500 or more 104 16 87
No expenses 173 22 151
Not reported or not computed 1489 318 1171
Median 562 643 555
Acquired 2000 and 2001 (part) 1051 79 972

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