Scranton is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Scranton are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Scranton are slightly higher than the national average. Scranton 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 Scranton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Scranton are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.63% - 6.87% |
| 7 Year Fixed | 6.39% - 6.63% |
| 10 Year Fixed | 6.43% - 6.67% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Scranton.
The city of Scranton in Lackawanna County has a population of 76,653. The median rent in Lackawanna County for a 2 bedroom is $887. The median Scranton resident is 37 years old with a yearly income of $21,830. The average family has 3 members and a median household income of $40,608. Scranton has a 22% higher education rate. The unemployment rate in Scranton is 5.2%.
51.5% of Scranton households are renters.
34.3% median household income spent on rent.
Bedrooms |
Lackawanna County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $624 | $680 | $737 |
| 1 bedroom | $724 | $747 | $813 |
| 2 bedroom | $887 | $929 | $1,015 |
| 3 bedroom | $1,144 | $1,198 | $1,325 |
| 4 bedroom | $1,222 | $1,330 | $1,521 |
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