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HOUSING CHARACTERISTICS <br />The percentages in Table HC-4 compared to Table D-6 on Page 23 are due to the additional of <br />vacant unit totals. Table D-6 does not account for vacant units and thus percentages are <br />slightly different. <br /> <br /> <br />Owner-Occupied Housing Units by Mortgage Status <br />Table HC-5 shows mortgage status and average values from the American Com <br />for 2013(5-Year). Mortgage status provides information on the cost of home <br />analyzed in conjunction with mortgage payment data. A mortgage <br />where the property is pledged as security for repayment of debt.e has priority <br />claim over any other mortgage or if its the only mortgage. A s <br />mortgage is called a junior mortgage, a home equity line of cr <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 81% of Elk River homeowners have a mortgage. About 24% of homeowners <br />with mortgages also have a second mortgage and/or home equity loan. Comparatively, <br />about 66% of homeowners in the United States have a mortgage. <br /> <br />The average home value of a home with a mortgage from Elk River <br />approximately $216,650. By comparison, the same value in the U.S. is about $263,629, or <br />22% higher than Elk River. <br />TABLE HC-5 <br />HOUSING UNITS BY MORTGAGE STATUS <br />ELK RIVER <br />2013 (5-Year Estimate) <br />Elk River <br />Twin CitiesMN <br />Mortgage Status <br />No.Pct.Pct.Pct. <br />Housing units without a mortgage1,18419.024.230.4 <br />Housing units with a mortgage/debt5,05281.075.869.6 <br />Second mortgage only 423 6.85.64.7 <br />Home equity loan only 990 15.915.312.6 <br />Both second mortgage and equity loan 85 1.40.80.7 <br />No second mortgage or equity loan 3,554 57.054.251.6 <br />Total6,236100.0100.0100.0 <br />Average Value by Mortgage Status <br />$216,650 <br />Housing units with a mortgage$265,537$231,401 <br />$256,762 <br />Housing units without a mortgage$250,624$202,693 <br />Sources: U.S. Census Bureau - 2013 ACS; <br /> Maxfield Research & Consulting, LLC <br /> <br />Owner-Occupied Housing Units by Value <br />38 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br /> <br />