Ithaca is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Ithaca are considered greater risk due to market dynamics. Interest rates for multifamily loans in Ithaca are higher than the national average. Ithaca 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 Ithaca.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ithaca 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 | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Ithaca.
The city of Ithaca in Tompkins County has a population of 30,837. The median rent in Tompkins County for a 2 bedroom is $1,396. The median Ithaca resident is 22 years old with a yearly income of $15,522. The average family has 2.79 members and a median household income of $34,424. Ithaca has a 67% higher education rate. The unemployment rate in Ithaca is 4.8%.
74.2% of Ithaca households are renters.
58.8% median household income spent on rent.
Bedrooms |
Tompkins County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $1,078 | $909 | $737 |
| 1 bedroom | $1,153 | $990 | $813 |
| 2 bedroom | $1,396 | $1,202 | $1,015 |
| 3 bedroom | $1,781 | $1,537 | $1,325 |
| 4 bedroom | $1,994 | $1,692 | $1,521 |
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