Salisbury is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Salisbury are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Salisbury are slightly higher than the national average. Salisbury 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 Salisbury.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Salisbury 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 Salisbury.
The city of Salisbury in Wicomico County has a population of 32,935. The median rent in Wicomico County for a 2 bedroom is $1,126. The median Salisbury resident is 29 years old with a yearly income of $23,249. The average family has 3.17 members and a median household income of $41,905. Salisbury has a 28% higher education rate. The unemployment rate in Salisbury is 8.3%.
72.4% of Salisbury households are renters.
35.8% median household income spent on rent.
Bedrooms |
Wicomico County 1 |
Maryland 2 |
National 2 |
|---|---|---|---|
| Studio | $780 | $1,013 | $737 |
| 1 bedroom | $862 | $1,126 | $813 |
| 2 bedroom | $1,126 | $1,365 | $1,015 |
| 3 bedroom | $1,536 | $1,803 | $1,325 |
| 4 bedroom | $1,773 | $2,127 | $1,521 |
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