Morgantown is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Morgantown are considered greater risk due to market dynamics. Interest rates for multifamily loans in Morgantown are higher than the national average. Morgantown 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 Morgantown.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Morgantown 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Morgantown.
The city of Morgantown in Monongalia County has a population of 30,549. The median rent in Monongalia County for a 2 bedroom is $923. The median Morgantown resident is 25 years old with a yearly income of $15,657. The average family has 3.01 members and a median household income of $42,966. Morgantown has a 55% higher education rate. The unemployment rate in Morgantown is 9.7%.
57.5% of Morgantown households are renters.
47.6% median household income spent on rent.
Bedrooms |
Monongalia County 1 |
West Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $762 | $595 | $737 |
| 1 bedroom | $767 | $629 | $813 |
| 2 bedroom | $923 | $769 | $1,015 |
| 3 bedroom | $1,248 | $1,010 | $1,325 |
| 4 bedroom | $1,598 | $1,163 | $1,521 |
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