Independence is located in a good market for 5+ unit multifamily loans. Multifamily loans in Independence are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Independence are competitive. Independence 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 Independence.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Independence 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 $7.5M |
|---|---|
| 5 Year Fixed | 7.04% - 7.28% |
| 7 Year Fixed | 6.70% - 6.94% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Independence.
The city of Independence in Kenton County has a population of 28,521. The median rent in Kenton County for a 2 bedroom is $989. The median Independence resident is 35 years old with a yearly income of $37,018. The average family has 3.35 members and a median household income of $81,657. Independence has a 29% higher education rate. The unemployment rate in Independence is 3.0%.
20.5% of Independence households are renters.
19.6% median household income spent on rent.
Bedrooms |
Kenton County 1 |
Kentucky 2 |
National 2 |
|---|---|---|---|
| Studio | $653 | $548 | $737 |
| 1 bedroom | $754 | $605 | $813 |
| 2 bedroom | $989 | $763 | $1,015 |
| 3 bedroom | $1,343 | $1,011 | $1,325 |
| 4 bedroom | $1,539 | $1,144 | $1,521 |
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