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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 />Mortgage Status <br />No. Pct. <br />Pct. <br />Pct. <br />1,184 19.0 <br />24.2 <br />30.4 <br />Housing units without a mortgage <br />Housing units with a mortgage /debt <br />5,052 81.0 <br />75.8 <br />69.6 <br />Second mortgage only <br />423 6.8 <br />5.6 <br />4.7 <br />Home equity loan only <br />990 15.9 <br />15.3 <br />12.6 <br />Both second mortgage and equity loan <br />85 1.4 <br />0.8 <br />0.7 <br />No second mortgage or equity loan <br />3,554 57.0 <br />54.2 <br />51.6 <br />Total <br />6,236 100.0 <br />100.0 <br />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 />MAXFIELD RESEARCH & CONSULTING, LLC. 38 <br />