Biloxi is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Biloxi are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Biloxi are slightly higher than the national average. Biloxi apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Biloxi.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Biloxi are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Biloxi.
The city of Biloxi in Harrison County has a population of 46,212. The median rent in Harrison County for a 2 bedroom is $855. The median Biloxi resident is 36 years old with a yearly income of $24,668. The average family has 3.06 members and a median household income of $48,137. Biloxi has a 26% higher education rate. The unemployment rate in Biloxi is 8.0%.
56% of Biloxi households are renters.
28% median household income spent on rent.
Bedrooms |
Harrison County 1 |
Mississippi 2 |
National 2 |
|---|---|---|---|
| Studio | $680 | $573 | $737 |
| 1 bedroom | $740 | $612 | $813 |
| 2 bedroom | $855 | $754 | $1,015 |
| 3 bedroom | $1,192 | $975 | $1,325 |
| 4 bedroom | $1,356 | $1,111 | $1,521 |
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