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HOUSING CHARACTERISTICS <br /> Owner-Occupied Housing Units by Mortgage Status <br /> Table HC-5 shows mortgage status and average values from the American Community Survey <br /> for 2010 (5-Year). Mortgage status provides information on the cost of homeownership when <br /> analyzed in conjunction with mortgage payment data. A mortgage refers to all forms of debt <br /> where the property is pledged as security for repayment of debt. A first mortgage has priority <br /> claim over any other mortgage or if it's the only mortgage. A second (and sometimes third) <br /> mortgage is called a "junior mortgage," a home equity line of credit (HELOC) would also fall into <br /> this category. Finally, a housing unit without a mortgage is owned free and clear and is debt <br /> free. The following key points summarize findings from Table HC-5. <br /> • Approximately 82% of Elk River homeowners have a mortgage. About 28%of homeowners <br /> with mortgages also have a second mortgage and/or home equity loan. Comparatively, <br /> about 68% of homeowners in the United States have a mortgage. <br /> • The average home value of a home with a mortgage from Elk River homeowners is <br /> approximately $260,531. By comparison, the same value in the U.S. is about $286,350, or <br /> 10% higher than Elk River. <br /> TABLE HC-5 <br /> HOUSING UNITS BY MORTGAGE STATUS <br /> ELK RIVER <br /> 2010(5-Year Estimate) <br /> Mortgage Status Pct. Pct. <br /> Housing units without a mortgage 1,186 17.8 <br /> Housing units with a mortgage/debt 5,467 82.2 <br /> Second mortgage only 532 8.0 <br /> Home equity loan only 1,316 19.8 <br /> Both second mortgage and equity loan 46 0.7 <br /> No second mortgage or equity loan 3,573 53.7 <br /> Total 6,653 100.0 <br /> Average Value by Mortgage Status <br /> Housing units with a mortgage $260,531 <br /> Housing units without a mortgage $254,724 <br /> Sources: U.S.Census Bureau-2010 ACS; <br /> Maxfield Research Inc. <br /> Owner-Occupied Housing Units by Value <br /> Table HC-6 presents data on housing values summarized by nine price ranges. Housing value <br /> refers to the estimated price point the property would sell if the property were for sale. For <br /> single-family and townhome properties, value includes both the land and the structure. For <br /> condominium units, value refers to only the unit. Key points from Table HC-6 follow. <br /> MAXFIELD RESEARCH INC. 40 <br />