The Republican journal. [volume] (Belfast, Me.) 1829-current, 1892-08-25
Maine Farms and Homes.
THEY ARE LARGELY HELD FREE OF IN
CtMBRANCE.

THEY ARE LARGELY HELD FREE OF IN
CUMBRANCE
The Census Office has issued an extra cen
sus bullentin on the statistics of farms
homes and mortgages. ownership an,
debt IN Maine. The following is tn
summary: Maine, one of the older States
OF the Union, has been selected for tn,
presentation in this bulletin of some o
the results of the investigation of farm
and home proprietorslip and of tn,
Indebtedness incumbering farms ant
homes that are occupied by owners This
is primarily an investigation of farm, cnc
home proprietorship and not of indebted
ness, the latter being made a part of the
inquiry for the purpose Of determining
to what ext Mt the ownership of farms
and homes is qualified by incumbrance.
The $50, $50 families in Maine are divided
by the Census Office into 81, 122 families
occupying far ms and IS. .24;}3 families occu-
pying homes that are not situated on
ltti Ms III AIiN iSttNtAAiS ~
suits of the investigation, the conclusions
are that %. IS per cent OF the farm fam
lilies own and 1872 per cent. hire the farm S
they occupy; that 11.91 per cent. OF the
farm owing families own free of incum-
brances and -. % per cent. own subject
to incumhrance: that 1877 per cent. Of
the total number of farm owning families
own free of membranes and 20. Al per
cent. own subject to incumbrance.
The debt that incumbers farms occupied
by owners is So, al 922, or }6. Us per cent.
of the value of the incumbered far ms.
This debt bears an average rate of interest
of +. 26 per cent, which makes an average
annual interest charge of S33 to each farm
family. The average incumbered farm
occupied by an owing family is worth
S1449, and is subject, on the average. to a
debt of 1852 1t has been discovered that
1911 per cent. of the farm families incurred
s. Is per cent of the debt to secure pur-
chase money to pay for improvements, to
invest in business and to buy various arti-
cles of personal property, when these OBJ
jects are not associated with others.
In summary of conclusions in regard
to homes. home families and home debt
for Maine, it may be stated that As. o. per
cent hire the homes they occupy; that
rs. 81 per cent. of the home owning families
own free of incumbrance, and 21.34 per
cent. with incumbrance, and that 81. II
per cent. of the total number OF home
owning and hiring families own free of in
cumbrance and 10. - per cent. with incum-
brance. A debt Of So, 100, 766 incumbers
homes occupied by owners, and this is:5'
~ per cent OF their value. The az arage
rate of interest on this debt is sos per
cent and consequently the average an
nual interest charge to each family occupy
ing and ming an incumbered home is
S41. The average incumbered home
occupied by an owning family is worth
81 $50 and is incumbered for StiSl.
OF the families occupying and owning
incumhered homes s.. 90 per cent. incurred
SS.:;. per cent. OF the debt to secure pul-
chase m oney, to pay 1or improvements, to
invest i'll business. and to buy various arti-
Giles OF personal property, when these
objects are not associated with others.
There are eight cities in the State hav
ing Il population OF from STA i'll Rock
land, to :'6, 425 in Portland. These cities
are Auburn. Augusta. Bangor, Bath.
Biileford, Lewiston. Portland and Rock
land. In these cities 36 =; per cent. of
the home families own, and 6:}, - per cent
hire, the homes that they occupy: 81. -
per cent of the total owning families own
their homes free Of REMEMBRANCE and Is
~ per cent. subject to incumbrance, and
20 81 per cent of the total number of
home owning and hiring families own free
of incumbrance and 6.j2 per cent. own
homes that are incumbered. The incum-
brances on the homes in these cities bear
a slightly greater ratio to the value of
those that are incumbered than is the case
with the homes and farms of the State
the ratio Tor city homes being $3.50 per
cent. The average rate Of interest on in
numbered city homes is >. % pei cent,
which is below the average rate borne by
the farms and homes Of the state, and the
average annual interest charge to each
family occupying and owning an incum-
berea home in these eight cities is 9tj5
The average city home owned and incum-
bered is worth =, ST., and the average III
cumbrance thereon is 81, los.
Stated in the most concise way the fact,
which we've the cliet objects of this i'll
veStigation are That in every 100 farms
on the average eight are hired, % are own
ed under incumbrance and - are owned
without incumbr1nce: that III every 100
homes on the average ~ are hired, 10 are
owned under incumbrance and Is are own
ed without incumhIance. ana that ii the
eight cities previously mentioned, IN every
100 homes on the average ~ are hired,
seven are owned with incumDerance and
20 are owned without incllmbrance.