Evanston is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Evanston are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Evanston are some of the lowest nationally. Evanston 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 Evanston.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Evanston 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.17% - 5.41% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Evanston.
The city of Evanston in Cook County has a population of 73,473. The median rent in Cook County for a 2 bedroom is $1,417. The median Evanston resident is 36 years old with a yearly income of $37,762. The average family has 3.22 members and a median household income of $78,904. Evanston has a 67% higher education rate. The unemployment rate in Evanston is 4.2%.
44.3% of Evanston households are renters.
34.5% median household income spent on rent.
Bedrooms |
Cook County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $1,104 | $599 | $737 |
| 1 bedroom | $1,224 | $669 | $813 |
| 2 bedroom | $1,417 | $840 | $1,015 |
| 3 bedroom | $1,799 | $1,100 | $1,325 |
| 4 bedroom | $2,147 | $1,238 | $1,521 |
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