Joplin is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Joplin are considered greater risk due to market dynamics. Interest rates for multifamily loans in Joplin are higher than the national average. Joplin 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 Joplin.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Joplin 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 | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 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 Joplin.
The city of Joplin in Jasper County has a population of 50,925. The median rent in Jasper County for a 2 bedroom is $839. The median Joplin resident is 37 years old with a yearly income of $25,156. The average family has 3.05 members and a median household income of $45,449. Joplin has a 27% higher education rate. The unemployment rate in Joplin is 6.0%.
42.3% of Joplin households are renters.
32.4% median household income spent on rent.
Bedrooms |
Jasper County 1 |
Missouri 2 |
National 2 |
|---|---|---|---|
| Studio | $607 | $535 | $737 |
| 1 bedroom | $655 | $594 | $813 |
| 2 bedroom | $839 | $761 | $1,015 |
| 3 bedroom | $1,096 | $1,010 | $1,325 |
| 4 bedroom | $1,166 | $1,155 | $1,521 |
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