Salem is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Salem are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Salem are slightly higher than the national average. Salem 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 Salem.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Salem 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 Salem.
The city of Salem in Salem city has a population of 25,301. The median rent in Salem city for a 2 bedroom is $1,007. The median Salem resident is 41 years old with a yearly income of $29,356. The average family has 2.92 members and a median household income of $57,165. Salem has a 28% higher education rate. The unemployment rate in Salem is 4.4%.
36.4% of Salem households are renters.
26.9% median household income spent on rent.
Bedrooms |
Salem city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $686 | $833 | $737 |
| 1 bedroom | $795 | $897 | $813 |
| 2 bedroom | $1,007 | $1,072 | $1,015 |
| 3 bedroom | $1,357 | $1,423 | $1,325 |
| 4 bedroom | $1,485 | $1,680 | $1,521 |
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