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Residential Finance Survey

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Residential Finance Survey: 2001 - South
Table 7-1d. 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
24258 4155 20103

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
22154 3977 18177
In central cities 13293 2419 10874
Not in central cities 8861 1558 7303
Outside MAs 2104 178 1926

Number of Housing Units

50 to 74 housing units
5078 1084 3993
75 to 99 housing units 2859 539 2320
100 to 149 housing units 5519 995 4524
150 to 199 housing units 3205 373 2832
200 to 299 housing units 4190 638 3552
300 to 499 housing units 2793 392 2401
500 to 999 housing units 561 122 439
1,000 or more housing units 53 11 42

Manner of Acquisition

By purchase
21445 3423 18022
Placed one new mortgage 15682 1255 14427
Placed two or more new mortgages 1031 117 914
Assumed mortgage(s) already on property 1959 247 1712
Assumed mortgage(s) already on property
and placed new mortgage
312 35 276
Borrowed using assets other than this
property as collateral
446 276 170
Paid all cash-no borrowing 1540 1181 359
Other manner 475 312 163
By inheritance or gift 216 126 90
By divorce 30 26 4
By tax free exchange of
other property
180 59 121
By foreclosure or assignment 264 79 185
By some other manner 694 73 621
Not reported 1428 368 1060

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
9994 1149 8846
Sale of stock or other partnership
shares for this project
1761 133 1628
Sale of previously owned stocks,
shares, or other securities
194 18 176
Sale of land or other real estate 735 105 630
Owner's cash, bank deposits,
share accounts, or bonds
4386 511 3875
Borrowing from a retirement plan 21 4 17
Borrowing using assets other than this
property as collateral
538 137 401
Proceeds from an insurance policy 15 0 15
From a state or local government source 97 2 95
From a non-profit organization 153 39 114
Proceeds from sale of tax credits 265 18 247
From parents or relatives 54 2 53
Other cash source 372 56 316
Non-cash source 84 8 76
No downpayment required 1093 154 939
Not reported 1276 112 1163
Other properties 13569 2881 10688
Not reported 695 125 569

Year Property Acquired

1999 to 2001 (part)
4475 358 4117
1997 and 1998 4565 670 3895
1995 and 1996 2427 412 2015
1990 to 1994 3734 903 2831
1985 to 1989 2946 357 2589
1980 to 1984 2396 241 2155
1975 to 1979 1557 410 1147
1970 to 1974 1102 233 870
1969 or earlier 1055 571 484

Building and Land Acquisition

Acquired at same time
16796 2792 14004
Not acquired at same time 5820 981 4839
Land not owned by building owner 159 24 134
Not reported 1483 357 1126

Property New or Previously Owned When
Acquired

Acquired by purchase
21445 3423 18022
New 7979 1221 6758
Previously owned 13182 2140 11043
As residential property 12128 2077 10051
Converted from nonresidential use 1054 62 991
Other 147 44 103
Not reported 137 18 119
Other properties 1385 364 1021
Not reported 1428 368 1060

Year Structure Built

1999 to March 2000
982 89 893
1997 and 1998 1751 266 1486
1995 and 1996 1073 208 865
1990 to 1994 1283 245 1038
1980 to 1989 7252 1311 5941
1970 to 1979 7029 912 6118
1960 to 1969 3320 737 2583
1950 to 1959 865 113 752
1940 to 1949 319 112 206
1939 or earlier 384 162 222

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
7835 803 7032
Less than $20,000 2618 149 2469
$20,000 to $39,999 2431 139 2293
$40,000 to $59,999 1603 195 1408
$60,000 to $79,999 740 128 611
$80,000 to $99,999 251 111 141
$100,000 to $124,999 65 25 40
$125,000 to $149,999 51 16 34
$150,000 to $174,999 23 2 21
$175,000 to $199,999 4 1 2
$200,000 to $249,999 3 0 3
$250,000 to $299,999 39 35 4
$300,000 to $499,999 1 1 0
$500,000 or more 5 0 5
Median 30692 51689 29135
Mean 36389 62232 33436
Other properties 16423 3351 13072

Value

Less than $1,000,000
1852 594 1259
$1,000,000 to $1,999,999 3386 832 2554
$2,000,000 to $2,999,999 3155 542 2613
$3,000,000 to $3,999,999 2829 252 2576
$4,000,000 to $4,999,999 1705 220 1485
$5,000,000 to $7,499,999 4312 330 3983
$7,500,000 to $9,999,999 1853 326 1527
$10,000,000 to $14,999,999 2443 404 2039
$15,000,000 to $19,999,999 1020 235 785
$20,000,000 to $29,999,999 1070 218 852
$30,000,000 to $39,999,999 327 88 238
$40,000,000 to $49,999,999 111 38 74
$50,000,000 or more 194 76 118
Median 4532033 3434761 4706749
Mean 7128452 7960970 6956401

Value Per Housing Unit@8

Less than $20,000
5599 1413 4186
$20,000 to $39,999 9572 1118 8455
$40,000 to $59,999 5122 755 4368
$60,000 to $79,999 2080 382 1698
$80,000 to $99,999 940 193 747
$100,000 to $124,999 450 93 357
$125,000 to $149,999 169 35 134
$150,000 to $174,999 106 68 38
$175,000 to $199,999 27 13 14
$200,000 to $249,999 70 7 63
$250,000 to $299,999 55 44 11
$300,000 to $499,999 59 33 27
$500,000 or more 7 1 6
Median 33643 31878 33876
Mean 39767 44209 38849

Purchase Price as Percent of Value@8

Acquired by purchase
21445 3423 18022
Purchased 1997 to 2001 (part) 7835 803 7032
Less than 60 percent 763 52 711
60 to 69 percent 474 17 457
70 to 79 percent 972 23 949
80 to 99 percent 2669 126 2543
100 percent or more 2956 585 2371
Median 93 2955 91
Purchased 1990 to 1996 (part) 5525 1155 4370
Less than 40 percent 376 75 301
40 to 59 percent 674 90 584
60 to 79 percent 1063 150 913
80 to 99 percent 1363 282 1081
100 percent or more 2031 550 1481
Median 89 98 87
Purchased 1989 or earlier 8085 1464 6620
Less than 20 percent 387 233 154
20 to 39 percent 864 301 563
40 to 59 percent 1454 239 1215
60 to 79 percent 1192 252 940
80 to 99 percent 1519 154 1364
100 percent or more 2660 283 2377
Median 82 57 86
Not acquired by purchase 2813 732 2081

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
15787 2282 13505
Less than $50,000 3529 569 2961
$50,000 to $99,999 2295 395 1900
$100,000 to $249,999 4958 463 4496
$250,000 to $499,999 2214 348 1866
$500,000 to $749,999 1320 173 1148
$750,000 to $999,999 392 80 312
$1,000,000 to $1,499,999 449 120 329
$1,500,000 to $1,999,999 150 18 132
$2,000,000 to $2,999,999 157 27 131
$3,000,000 or more 321 90 231
Median 162601 157433 163133
Mean 427758 631709 393295
Properties with no capital
improvements between 1998 and 2000
4067 1069 2998
Capital improvements not
reported
4404 803 3601

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
15787 2282 13505
Less than $500 4559 663 3896
$500 to $999 3363 480 2883
$1,000 to $2,499 5318 683 4635
$2,500 to $4,999 1479 230 1249
$5,000 to $7,499 438 88 350
$7,500 to $9,999 195 31 164
$10,000 to $14,999 143 38 106
$15,000 to $19,999 64 11 54
$20,000 to $29,999 83 30 53
$30,000 or more 143 29 115
Median 996 998 995
Mean 2363 3101 2238
Properties with no capital
improvements between 1998 and 2000
4067 1069 2998
Capital improvements not
reported
4404 803 3601

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
21666 3989 17677
Less than $100 1293 567 726
$100 to $199 1098 188 911
$200 to $299 1573 337 1236
$300 to $399 3497 565 2932
$400 to $499 4096 533 3563
$500 to $599 3457 412 3045
$600 to $799 2208 356 1852
$800 to $999 2736 597 2140
$1000 or more 1619 379 1240
No rental receipts 88 55 33
Median 481 458 485
Mean 569 565 570
Acquired 2000 and 2001 (part) 2592 165 2426

Rental Receipts as Percent of Value@8

Acquired before 2000
21666 3989 17677
Less than 5 percent 794 399 395
5 to 9 percent 1138 325 814
10 to 14 percent 6088 1153 4936
15 to 19 percent 5389 863 4526
20 to 24 percent 3667 375 3292
25 to 29 percent 2033 194 1839
30 to 39 percent 1265 260 1005
40 percent or more 1211 369 842
Median 18 16 18
Acquired 2000 and 2001 (part) 2592 165 2426

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
21666 3989 17677
Less than 1.0 percent 1967 223 1745
1.0 to 2.9 percent 2922 660 2263
3.0 to 4.9 percent 3162 683 2479
5.0 to 6.9 percent 2294 344 1950
7.0 to 8.9 percent 2062 266 1796
9.0 to 10.9 percent 1105 149 956
11.0 to 12.9 percent 724 69 654
13.0 to 14.9 percent 428 54 373
15.0 percent or more 2709 649 2060
Not reported or not computed 4293 892 3401
Median 5.6 5.0 5.7
Acquired 2000 and 2001 (part) 2592 165 2426

Age Restrictions

Property restricted to people
age 55 or older
3274 726 2548
Property not restricted to people
age 55 or older
19793 3234 16559
Not reported 1191 195 996

Age Composition

Over one-half the residents of the
building age 55 or older
1160 159 1002
Over one-half the residents of the
building not age 55 or older
17972 2931 15042
Not reported 5125 1065 4060

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

Property provides meal service
1906 427 1479
Charge included in rent 1136 334 802
Charge not included in rent 188 35 153
Not reported 582 57 524
Property does not provide meal
service
2387 376 2011
Not reported 19965 3351 16613

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
1455 7 1448
Government rental subsidy 4497 343 4155
Government grant 255 74 181
Property tax relief 507 90 417
Federal income tax credit for
low-income, old or historic properties
991 5 985
Accelerated federal income tax
depreciation for low- and
moderate-income properties
97 2 95
Subsidy from a non-profit corporation 223 36 187
None of the above benefits 15436 2957 12479
Not reported 2780 767 2013

Source of Property Benefits@1

With property benefits
6041 431 5611
Federal government 4986 288 4698
State government 536 72 464
Local government 778 76 702
Non-profit corporation 223 36 187
Not reported 100 6 94
With no property benefits 15436 2957 12479
Not reported 2780 767 2013

Reason for Benefits@1

With property benefits
6041 431 5611
Occupied by low- or moderate-income
individuals
5154 314 4840
Occupied by elderly or disabled
individuals
2304 228 2077
A historic structure 70 0 70
Located in a community development or
economic development area
172 0 172
Covered by a Homestead Exemption 35 6 29
Covered by a Community Land Trust 0 0 0
Covered by disaster relief 5 0 5
Other reason 169 39 130
Not reported 171 10 161
With no property benefits 15436 2957 12479
Not reported 2780 767 2013

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
7429 828 6602
Property has never had tenants
receiving Section 8 assistance
14624 2929 11695
Not reported 2204 398 1806

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
2623 719 1904
Limited partnership 11951 1025 10926
Joint venture 324 48 276
General partnership 1543 571 972
Life insurance company 87 43 45
Depository institution 11 6 5
Public real estate investment trust 968 435 533
Private real estate investment trust 125 27 98
Corporation - other than real estate
investment trust
4214 785 3429
Housing cooperative organization 471 36 434
Non-profit or church-related institution 1425 305 1120
Pension fund 103 79 23
Fraternal organization 0 0 0
Other 412 75 337

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
21666 3989 17677
Less than $100 2757 551 2206
$100 to $199 2588 702 1886
$200 to $299 3192 394 2798
$300 to $399 3073 366 2707
$400 to $499 2139 348 1792
$500 to $599 1919 240 1679
$600 to $699 1377 265 1112
$700 to $799 1217 157 1061
$800 to $899 757 152 605
$900 to $999 459 75 383
$1,000 to $1,249 851 167 684
$1,250 to $1,499 378 113 265
$1,500 to $1,999 274 121 153
$2,000 to $2,499 69 22 46
$2,500 or more 68 39 29
Not reported 547 276 270
Median 366 357 367
Mean 455 517 441
Acquired 2000 and 2001 (part) 2592 165 2426

Real Estate Tax Per $1,000 Value

Acquired before 2000
21666 3989 17677
Less than $5 2665 422 2243
$5 to $9 3951 572 3379
$10 to $14 6591 1193 5398
$15 to $19 3544 547 2997
$20 to $24 1724 306 1419
$25 to $29 1092 315 777
$30 to $39 1523 342 1181
$40 to $49 3 3 0
$50 to $59 7 3 4
$60 or more 19 10 9
Not reported or not computed 547 276 270
Median 13 14 13
Acquired 2000 and 2001 (part) 2592 165 2426

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
21666 3989 17677
Less than 5 percent 5216 843 4373
5 to 9 percent 9822 1432 8391
10 to 14 percent 4237 629 3609
15 to 19 percent 782 260 522
20 to 24 percent 576 387 189
25 to 29 percent 53 9 44
30 to 34 percent 75 58 17
35 to 39 percent 27 0 27
40 percent or more 251 45 206
Not reported or not computed 627 328 299
Median 8 8 8
Acquired 2000 and 2001 (part) 2592 165 2426

Property Management

Property managed by paid property
management company
20689 3262 17427
Property not managed by paid property
management company
2052 636 1416
Not reported 1517 256 1261

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
21666 3989 17677
Less than $100 637 76 560
$100 to $199 1033 159 874
$200 to $299 2270 416 1854
$300 to $399 2959 354 2605
$400 to $499 2090 533 1557
$500 to $599 1032 180 852
$600 to $699 767 159 608
$700 to $799 1084 164 919
$800 to $899 709 145 564
$900 to $999 654 144 510
$1,000 to $1,249 1578 294 1284
$1,250 to $1,499 1124 129 995
$1,500 to $1,999 859 112 747
$2,000 to $2,499 187 47 140
$2,500 or more 684 91 593
No expenses 1061 353 708
Not reported or not computed 2939 633 2306
Median 493 493 492
Acquired 2000 and 2001 (part) 2592 165 2426

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
21666 3989 17677
Less than $100 1102 101 1001
$100 to $199 1228 515 713
$200 to $299 1279 193 1086
$300 to $399 1517 352 1165
$400 to $499 1743 338 1404
$500 to $599 1442 256 1186
$600 to $699 1973 306 1667
$700 to $799 1130 169 961
$800 to $899 993 126 867
$900 to $999 915 211 703
$1,000 to $1,249 2334 222 2111
$1,250 to $1,499 1004 144 860
$1,500 to $1,999 962 160 802
$2,000 to $2,499 339 71 268
$2,500 or more 420 136 284
No expenses 225 70 155
Not reported or not computed 3062 619 2443
Median 645 559 659
Acquired 2000 and 2001 (part) 2592 165 2426

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
21666 3989 17677
Less than $250 2958 793 2165
$250 to $499 6602 1165 5437
$500 to $749 4229 560 3669
$750 to $999 2617 287 2330
$1,000 to $1,249 925 163 762
$1,250 to $1,499 508 130 379
$1,500 to $1,749 332 86 246
$1,750 to $1,999 145 18 127
$2,000 to $2,499 71 25 46
$2,500 or more 116 40 76
No expenses 174 31 143
Not reported or not computed 2988 691 2297
Median 488 430 501
Acquired 2000 and 2001 (part) 2592 165 2426

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