Canton is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Canton are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Canton are slightly higher than the national average. Canton 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 Canton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Canton 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 Canton.
The city of Canton in Stark County has a population of 70,447. The median rent in Stark County for a 2 bedroom is $795. The median Canton resident is 36 years old with a yearly income of $20,736. The average family has 2.97 members and a median household income of $32,287. Canton has a 14% higher education rate. The unemployment rate in Canton is 11.1%.
52.1% of Canton households are renters.
36.3% median household income spent on rent.
Bedrooms |
Stark County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $525 | $597 | $737 |
| 1 bedroom | $603 | $662 | $813 |
| 2 bedroom | $795 | $834 | $1,015 |
| 3 bedroom | $1,014 | $1,084 | $1,325 |
| 4 bedroom | $1,078 | $1,205 | $1,521 |
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