Princeton is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Princeton are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Princeton are slightly higher than the national average. Princeton 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 Princeton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Princeton 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Princeton.
The city of Princeton in Mercer County has a population of 31,187. The median rent in Mercer County for a 2 bedroom is $1,683. The median Princeton resident is 34 years old with a yearly income of $40,105. The average family has 3.04 members and a median household income of $137,672. Princeton has a 81% higher education rate. The unemployment rate in Princeton is 3.3%.
39.8% of Princeton households are renters.
30.7% median household income spent on rent.
Bedrooms |
Mercer County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,110 | $1,166 | $737 |
| 1 bedroom | $1,280 | $1,353 | $813 |
| 2 bedroom | $1,683 | $1,671 | $1,015 |
| 3 bedroom | $2,093 | $2,131 | $1,325 |
| 4 bedroom | $2,304 | $2,445 | $1,521 |
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