Kinston is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Kinston are considered greater risk due to market dynamics. Interest rates for multifamily loans in Kinston are higher than the national average. Kinston apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Kinston.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kinston 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 | 5.37% - 5.61% |
| 10 Year Fixed | 5.23% - 5.47% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Kinston.
The city of Kinston in Lenoir County has a population of 20,041. The median rent in Lenoir County for a 2 bedroom is $791. The median Kinston resident is 45 years old with a yearly income of $20,903. The average family has 2.93 members and a median household income of $33,066. Kinston has a 18% higher education rate. The unemployment rate in Kinston is 15.4%.
57.7% of Kinston households are renters.
36.9% median household income spent on rent.
Bedrooms |
Lenoir County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $546 | $694 | $737 |
| 1 bedroom | $600 | $713 | $813 |
| 2 bedroom | $791 | $871 | $1,015 |
| 3 bedroom | $1,065 | $1,152 | $1,325 |
| 4 bedroom | $1,289 | $1,386 | $1,521 |
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