Racine is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Racine are considered greater risk due to market dynamics. Interest rates for multifamily loans in Racine are higher than the national average. Racine 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 Racine.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Racine 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 Racine.
The city of Racine in Racine County has a population of 76,760. The median rent in Racine County for a 2 bedroom is $967. The median Racine resident is 35 years old with a yearly income of $25,366. The average family has 3.11 members and a median household income of $44,056. Racine has a 17% higher education rate. The unemployment rate in Racine is 6.4%.
49% of Racine households are renters.
35.6% median household income spent on rent.
Bedrooms |
Racine County 1 |
Wisconsin 2 |
National 2 |
|---|---|---|---|
| Studio | $638 | $595 | $737 |
| 1 bedroom | $734 | $668 | $813 |
| 2 bedroom | $967 | $856 | $1,015 |
| 3 bedroom | $1,274 | $1,127 | $1,325 |
| 4 bedroom | $1,392 | $1,256 | $1,521 |
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