Michigan City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Michigan City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Michigan City are higher than the national average. Michigan City 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 Michigan City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Michigan City 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 $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.38% - 6.62% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Michigan City.
The city of Michigan City in LaPorte County has a population of 31,015. The median rent in LaPorte County for a 2 bedroom is $826. The median Michigan City resident is 37 years old with a yearly income of $24,059. The average family has 2.99 members and a median household income of $40,631. Michigan City has a 16% higher education rate. The unemployment rate in Michigan City is 8.2%.
46.2% of Michigan City households are renters.
30.5% median household income spent on rent.
Bedrooms |
LaPorte County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $545 | $593 | $737 |
| 1 bedroom | $650 | $666 | $813 |
| 2 bedroom | $826 | $840 | $1,015 |
| 3 bedroom | $1,094 | $1,099 | $1,325 |
| 4 bedroom | $1,138 | $1,251 | $1,521 |
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