Lubbock is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Lubbock are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Lubbock are slightly higher than the national average. Lubbock 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 Lubbock.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lubbock are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.91% - 7.65% |
| 7 Year Fixed | 6.77% - 7.28% |
| 10 Year Fixed | 6.69% - 7.09% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.47% |
| 7 Year Fixed | 5.94% - 6.18% |
| 10 Year Fixed | 5.83% - 6.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.57% - 7.08% |
| 10 Year Fixed | 6.49% - 6.89% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 5.95% - 6.10% |
| 10 Year Fixed | 5.87% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lubbock.
The city of Lubbock in Lubbock County has a population of 258,862. The median rent in Lubbock County for a 2 bedroom is $952. The median Lubbock resident is 30 years old with a yearly income of $25,634. The average family has 3.16 members and a median household income of $50,453. Lubbock has a 32% higher education rate. The unemployment rate in Lubbock is 3.7%.
48.8% of Lubbock households are renters.
35.1% median household income spent on rent.
Bedrooms |
Lubbock County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $677 | $669 | $737 |
| 1 bedroom | $779 | $738 | $813 |
| 2 bedroom | $952 | $912 | $1,015 |
| 3 bedroom | $1,362 | $1,210 | $1,325 |
| 4 bedroom | $1,648 | $1,407 | $1,521 |
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