Parkersburg is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Parkersburg are considered greater risk due to market dynamics. Interest rates for multifamily loans in Parkersburg are higher than the national average. Parkersburg 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 Parkersburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Parkersburg 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 Parkersburg.
The city of Parkersburg in Wood County has a population of 29,306. The median rent in Wood County for a 2 bedroom is $792. The median Parkersburg resident is 42 years old with a yearly income of $21,417. The average family has 2.94 members and a median household income of $35,778. Parkersburg has a 16% higher education rate. The unemployment rate in Parkersburg is 7.3%.
39.7% of Parkersburg households are renters.
36.8% median household income spent on rent.
Bedrooms |
Wood County 1 |
West Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $643 | $595 | $737 |
| 1 bedroom | $661 | $629 | $813 |
| 2 bedroom | $792 | $769 | $1,015 |
| 3 bedroom | $1,066 | $1,010 | $1,325 |
| 4 bedroom | $1,206 | $1,163 | $1,521 |
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