Binghamton is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Binghamton are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Binghamton are slightly higher than the national average. Binghamton 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 Binghamton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Binghamton are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.28% - 7.52% |
| 7 Year Fixed | 6.89% - 7.13% |
| 10 Year Fixed | 6.88% - 7.12% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Binghamton.
The city of Binghamton in Broome County has a population of 44,399. The median rent in Broome County for a 2 bedroom is $886. The median Binghamton resident is 36 years old with a yearly income of $20,400. The average family has 2.99 members and a median household income of $34,487. Binghamton has a 26% higher education rate. The unemployment rate in Binghamton is 10.4%.
57.8% of Binghamton households are renters.
43.2% median household income spent on rent.
Bedrooms |
Broome County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $662 | $909 | $737 |
| 1 bedroom | $685 | $990 | $813 |
| 2 bedroom | $886 | $1,202 | $1,015 |
| 3 bedroom | $1,170 | $1,537 | $1,325 |
| 4 bedroom | $1,344 | $1,692 | $1,521 |
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