Johnson City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Johnson City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Johnson City are higher than the national average. Johnson City 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 Johnson City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Johnson City 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
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 | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Johnson City.
The city of Johnson City in Washington County has a population of 66,906. The median rent in Washington County for a 2 bedroom is $818. The median Johnson City resident is 36 years old with a yearly income of $22,705. The average family has 2.87 members and a median household income of $41,682. Johnson City has a 40% higher education rate. The unemployment rate in Johnson City is 5.5%.
49.9% of Johnson City households are renters.
32.9% median household income spent on rent.
Bedrooms |
Washington County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $671 | $618 | $737 |
| 1 bedroom | $676 | $657 | $813 |
| 2 bedroom | $818 | $813 | $1,015 |
| 3 bedroom | $1,040 | $1,073 | $1,325 |
| 4 bedroom | $1,211 | $1,248 | $1,521 |
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