West New York is located in a strong market for 5+ unit multifamily loans. Multifamily loans in West New York are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in West New York are some of the lowest nationally. West New York apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in West New York.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West New York are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.42% - 5.66% |
| 7 Year Fixed | 5.48% - 5.72% |
| 10 Year Fixed | 5.34% - 5.58% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in West New York.
The city of West New York in Hudson County has a population of 52,723. The median rent in Hudson County for a 2 bedroom is $2,119. The median West New York resident is 36 years old with a yearly income of $26,165. The average family has 3.15 members and a median household income of $56,436. West New York has a 30% higher education rate. The unemployment rate in West New York is 5.7%.
79.5% of West New York households are renters.
31.2% median household income spent on rent.
Bedrooms |
Hudson County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,677 | $1,166 | $737 |
| 1 bedroom | $1,825 | $1,353 | $813 |
| 2 bedroom | $2,119 | $1,671 | $1,015 |
| 3 bedroom | $2,636 | $2,131 | $1,325 |
| 4 bedroom | $2,873 | $2,445 | $1,521 |
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