Lancaster is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Lancaster are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Lancaster are slightly higher than the national average. Lancaster apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend 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 | 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 | 7.28% - 7.52% |
| 7 Year Fixed | 6.89% - 7.13% |
| 10 Year Fixed | 6.88% - 7.12% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lancaster.
The city of Lancaster in Lancaster County has a population of 59,265. The median rent in Lancaster County for a 2 bedroom is $1,090. The median Lancaster resident is 32 years old with a yearly income of $22,153. The average family has 3.24 members and a median household income of $45,514. Lancaster has a 23% higher education rate. The unemployment rate in Lancaster is 7.2%.
56.6% of Lancaster households are renters.
33.3% median household income spent on rent.
Bedrooms |
Lancaster County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $733 | $680 | $737 |
| 1 bedroom | $867 | $747 | $813 |
| 2 bedroom | $1,090 | $929 | $1,015 |
| 3 bedroom | $1,374 | $1,198 | $1,325 |
| 4 bedroom | $1,478 | $1,330 | $1,521 |
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