Lancaster is located in a good market for 5+ unit multifamily loans. Multifamily loans in Lancaster are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Lancaster are competitive. Lancaster 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 Lancaster.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lancaster 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 | 6.34% - 6.58% |
| 7 Year Fixed | 6.18% - 6.42% |
| 10 Year Fixed | 6.19% - 6.43% |
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 Lancaster.
The city of Lancaster in Erie County has a population of 43,085. The median rent in Erie County for a 2 bedroom is $982. The median Lancaster resident is 44 years old with a yearly income of $39,820. The average family has 2.92 members and a median household income of $72,591. Lancaster has a 33% higher education rate. The unemployment rate in Lancaster is 3.5%.
23.6% of Lancaster households are renters.
25.4% median household income spent on rent.
Bedrooms |
Erie County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $794 | $909 | $737 |
| 1 bedroom | $824 | $990 | $813 |
| 2 bedroom | $982 | $1,202 | $1,015 |
| 3 bedroom | $1,221 | $1,537 | $1,325 |
| 4 bedroom | $1,370 | $1,692 | $1,521 |
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