Dearborn Heights is located in a good market for 5+ unit multifamily loans. Multifamily loans in Dearborn Heights are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Dearborn Heights are competitive. Dearborn Heights apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Dearborn Heights.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Dearborn Heights 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.39% - 6.63% |
| 7 Year Fixed | 6.20% - 6.44% |
| 10 Year Fixed | 6.24% - 6.48% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in Dearborn Heights.
The city of Dearborn Heights in Wayne County has a population of 55,353. The median rent in Wayne County for a 2 bedroom is $1,126. The median Dearborn Heights resident is 37 years old with a yearly income of $27,053. The average family has 3.45 members and a median household income of $49,750. Dearborn Heights has a 22% higher education rate. The unemployment rate in Dearborn Heights is 6.0%.
27.8% of Dearborn Heights households are renters.
32.4% median household income spent on rent.
Bedrooms |
Wayne County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $748 | $607 | $737 |
| 1 bedroom | $881 | $678 | $813 |
| 2 bedroom | $1,126 | $855 | $1,015 |
| 3 bedroom | $1,443 | $1,118 | $1,325 |
| 4 bedroom | $1,565 | $1,238 | $1,521 |
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