Sterling Heights is located in a good market for 5+ unit multifamily loans. Multifamily loans in Sterling Heights are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Sterling Heights are competitive. Sterling Heights apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Sterling Heights.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sterling Heights 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 $7.5M |
|---|---|
| 5 Year Fixed | 7.04% - 7.28% |
| 7 Year Fixed | 6.70% - 6.94% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Sterling Heights.
The city of Sterling Heights in Macomb County has a population of 132,438. The median rent in Macomb County for a 2 bedroom is $1,126. The median Sterling Heights resident is 41 years old with a yearly income of $30,757. The average family has 3.22 members and a median household income of $64,833. Sterling Heights has a 28% higher education rate. The unemployment rate in Sterling Heights is 4.1%.
27% of Sterling Heights households are renters.
28.2% median household income spent on rent.
Bedrooms |
Macomb County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $748 | $607 | $737 |
| 1 bedroom | $881 | $678 | $813 |
| 2 bedroom | $1,126 | $855 | $1,015 |
| 3 bedroom | $1,443 | $1,118 | $1,325 |
| 4 bedroom | $1,565 | $1,238 | $1,521 |
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