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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 /> Owner-Occupied Housing Units by Mortgage Status <br /> Table HC-5 shows mortgage status and average values from the American Community Survey <br /> for 2013 (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 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 /> • The average home value of a home with a mortgage from Elk River homeowners is <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 Twin Cities MN <br /> Mortgage Status No. Pct. Pct. Pct. <br /> Housing units without a mortgage 1,184 19.0 24.2 30.4 <br /> Housing units with a mortgage/debt 5,052 81.0 75.8 69.6 <br /> Second mortgage only 423 6.8 5.6 4.7 <br /> Home equity loan only 990 15.9 15.3 12.6 <br /> Both second mortgage and equity loan 85 1.4 0.8 0.7 <br /> No second mortgage or equity loan 3,554 57.0 54.2 51.6 <br /> Total 6,236 100.0 100.0 100.0 <br /> Average Value by Mortgage Status <br /> Housing units with a mortgage $216,650 $265,537 $231,401 <br /> Housing units without a mortgage $256,762 $250,624 $202,693 <br /> Sources: U.S.Census Bureau-2013 ACS; <br /> Maxfield Research&Consulting, LLC <br /> Owner-Occupied Housing Units by Value <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 38 <br />