Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-05
OWNERSHIP AND DEBT
Some Important Statistics Pound in Two
Census Bulletins
Facts ~ to Mortgages and Rate of In
terest in the District of
Columbia.

Tor thtrty-three states and territories.
The tabulation of about five-sixths of the
real estate mortgage debt of the United
States has been completed and summary
of the per capita is found to be as follows
In thirty-three states and territories:
Alabama, SIG; Arizona, $39; Arkansas, s13;
California, 500; Colorado, s2O6; Connecti-
cut. slO7; Delaware. s96; District of Column
bia, $226; Florida. $40; Georgia, SIS; Idaho,
$3S; Illinois, 500; Indiana, SOL; Iowa, slO4;
Kansas. $40; Maine. $40; Massachusetts,.
$144; Minnesota, s152; Missouri. $50; Mon
tana, s66; Nebraska, s126; Nevada $4S; New
Hampshire. $50; New Mexico, SAB; New
York, $26S; Oregon, s73; Pennsylvania, Sill;
Rhode Island. SlV6; Tennessee, s23; Utah,
$39; Vermont. $S4; Wisconsin, $72; Wyo-
ming, So.
Average Rate of Interest.
In twenty-one states and territories the
average rate of interest On the existing mort
gage debt is6 I32per cent; on acres. 7.27 per
cent; on lots 632 per cent. From 1850 to 1889
the rate on the incurred debt declined from
u. IS to 6.52 per cent for all mortgages; for
mortgages on acres the rate remained In
1889 where 1t began in 1881, at 67S per
cent; for mortgages on lots the decline
was from GIL to G.31 per cent The acres
covered by existing mortgages are 800 per
cent OF the number OF taxed acres in TWEEN
ty-seven states and territories.
In 1O2 counties distributed throughout the
Union, where the reasons why the in
debtedness had been incurred were ascer-
tanned. it was found that S256 per cent
of the original amount of the debt before
deducting partial payments) was incurred
to secure the purchase Of real estate and
to make improvements, when not associated
with other objects, and that 9i.37 per cent
Of the debt stands for purchase money,
improvements, business, and the purchase
hlta of no al
erty. when these objects are not combined
with any other object in any mortgage.
Per Capita Debt.
The per capita existing debt of the b
states and territories is Sis. New York
has the highest amount, s26S and in order,
the District of Columbia follows with ss26,
Colorado with sos, California with 500 and
Kansas with $40. The lower amounts are
found in the south: Sl3 in Arkansas, SIS in
Georgia, S23 in Tennessee and SIG in Ala
bama.
In Kansas there is 1 mortgage in force to
9 individuals of the population: in Mime
sofa, individuals; in Nebraska, individ-
uals. in Colorado. individuals in Iowa, s
individuals in the District of Columbia 10
individuals, and in Vermont, 10 individuals
AT the other extreme there are l01 individ-
uais 10 mortgage in force in New Mexico:
10 individuals in Tennessee, 81 individuals
In Alabama, 40 individuals in Arizona: 3S
individuals in Arkansas In relation IN
population. mortgages are fewer in the
south and In the Rocky mountain region
than in the north.
Real Estate Value.
Final estimates of real estate value are at
hand for some Of the states and for the
Others estimates have been made and ten
tatively accepted. and results are presented
In table L. In the 30 states and territories
the existing debt is 1857 per cent of the
value Of all taxed real estate mines being
included where not taxed. The District of
Columbia, New York and Kansas have the
highest percentages, 1885, 3O62 and 90 q
respectively. The lower percentages are
.ouI'u IN the south, in the Rocky noun
IAN I'm region: In Oregon and in Indiana.
HI some states, as in Colorado ana Min
nesota, II Will be noticed thar a htgn nor
capita Indebtedness goes with a moderate
ratio between the existing debt and tho
saiue OF real estate. mortgagei and not
mortgaged. These results are not neces
sarhy Inconsistent; they are probably dine
TO considerable proportion of incumbran
on land owned by non-residents and also 10
hn, se uhnaorlgaged individual real estate
hoioihgs OF residents or non-residents
The Mortgage Debt Limit.
An attempt is made to show how nearly
the mortgage debt limit has been reached.
For this purpose it is assumed that all real
Its value without increasing the rate of in
terest to cover risk. Real estate OF all de-
scripuons will not take such an incum-
brance in all parts of the country. but ,ouo,
OF IL may be tncumbered more heavily than
this. In these states and territories ~ X,
per cent Of the debt limit has been reached
upon the basis of the assumption made.
tnat is TO say. the real estate of the tbirtv
.iiee states ana territories Will stand an in
cumorance 3o9 times greater than the act
uai incumbrance In the District of Column
ola, New York and Kansas the rnortpaC co
uept limit has been approached more nearly
imam IN the other states, namely to the av
spectively. ie-
In regard to farms, the conclusion is tb.,
oz.oO per cent OF the farm families hire and
~ per cent own the farms cultivated bv
, mem that 3o22 per cent of the farm own
ing danliiies own subject to incumbrance
ana $50 per cent own free of circumference
Among 100 farm families 32 hire their farm
~ own with incumbrance and A without
a nc i;a on the owned farms there
are Eens amounting to $500, 4S1 la2 which Is
90. II per cent of their value and this delhi
bears interest at the average rate Of n az
per cent, making the average annual inter
est charge S'S to each family Each ownad
and incumbered farm. on the averona
worth $780, and is subject to a debt Of
81, 1870. eo' VI
As to Homes.
The corresponding facts for homes are
that 65.2o per cent of the home families hire
ana 500 per cent own their homes: that Of
the homecoming families IL IL per cent own
Tree OF incumbrance and 2SSS per cent with |
membranes. In 100 home families on tho |
average. CD hire their homes, IL own with |
incumbrance and 26 without incumbrance |
The debt on owned homes aggregates sa31
6SoSo. or 40.o3 per cent of their value and
bears interest at the average rate of q n. |
per cent, SO that the annual amount of in |
terest to each home averages $50. An aver.
age debt of N,3l9 incumbers each home
which has the average value of S3.254
There are 16l cities and towns in these
states ana territories in the class of those /
having population of 5000 to 100 900 ami
IN these cities 67.S1 per cent of the home
families hire and %. 13 per cent own their |
homes, and Of the home owning families
SIO3 per cent own with incumbrance and
629i per cent own free of incumbrance
In 100 home families. on the average. are |
found 6S that hire their homes II that own
with fncumbrance and 20 that own without
incumbrance. The liens on the owned |
homes are Also per cent of the value of |
these subject to lien. Several averages
show that the rate Of interest is $50 per
cent; value of each owned and incIm- |
bered home, 1887; lien on the same 81. COZ |
and yearly interest charge on each homa
$94. "s'
In the cities having a population Of |
more than 100000 74.15 per cent of the
home families hire and 1885 per cent own