Johnston is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Johnston are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Johnston are slightly higher than the national average. Johnston 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 Johnston.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Johnston 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 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 Johnston.
The city of Johnston in Polk County has a population of 22,582. The median rent in Polk County for a 2 bedroom is $957. The median Johnston resident is 40 years old with a yearly income of $49,937. The average family has 2.98 members and a median household income of $96,948. Johnston has a 55% higher education rate. The unemployment rate in Johnston is 2.4%.
27.5% of Johnston households are renters.
30.3% median household income spent on rent.
Bedrooms |
Polk County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $645 | $558 | $737 |
| 1 bedroom | $783 | $613 | $813 |
| 2 bedroom | $957 | $785 | $1,015 |
| 3 bedroom | $1,308 | $1,038 | $1,325 |
| 4 bedroom | $1,393 | $1,151 | $1,521 |
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