Hutchinson is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Hutchinson are considered greater risk due to market dynamics. Interest rates for multifamily loans in Hutchinson are higher than the national average. Hutchinson apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Hutchinson.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hutchinson are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Hutchinson.
The city of Hutchinson in Reno County has a population of 40,383. The median rent in Reno County for a 2 bedroom is $828. The median Hutchinson resident is 39 years old with a yearly income of $25,967. The average family has 3 members and a median household income of $46,927. Hutchinson has a 21% higher education rate. The unemployment rate in Hutchinson is 4.7%.
35.7% of Hutchinson households are renters.
28.8% median household income spent on rent.
Bedrooms |
Reno County 1 |
Kansas 2 |
National 2 |
|---|---|---|---|
| Studio | $546 | $581 | $737 |
| 1 bedroom | $628 | $612 | $813 |
| 2 bedroom | $828 | $781 | $1,015 |
| 3 bedroom | $1,030 | $1,027 | $1,325 |
| 4 bedroom | $1,172 | $1,166 | $1,521 |
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