Onondaga is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Onondaga are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Onondaga are slightly higher than the national average. Onondaga 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 Onondaga.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Onondaga 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 | 6.63% - 6.87% |
| 7 Year Fixed | 6.39% - 6.63% |
| 10 Year Fixed | 6.43% - 6.67% |
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 | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Onondaga.
The city of Onondaga in Onondaga County has a population of 22,663. The median rent in Onondaga County for a 2 bedroom is $955. The median Onondaga resident is 41 years old with a yearly income of $37,811. The average family has 3.09 members and a median household income of $84,248. Onondaga has a 43% higher education rate. The unemployment rate in Onondaga is 3.8%.
18.3% of Onondaga households are renters.
29% median household income spent on rent.
Bedrooms |
Onondaga County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $687 | $909 | $737 |
| 1 bedroom | $773 | $990 | $813 |
| 2 bedroom | $955 | $1,202 | $1,015 |
| 3 bedroom | $1,192 | $1,537 | $1,325 |
| 4 bedroom | $1,381 | $1,692 | $1,521 |
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