Union City is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Union City are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Union City are some of the lowest nationally. Union City 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 Union City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Union City are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.74% - 7.48% |
| 7 Year Fixed | 6.70% - 7.21% |
| 10 Year Fixed | 6.71% - 7.11% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.97% - 7.21% |
| 7 Year Fixed | 6.93% - 7.17% |
| 10 Year Fixed | 6.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.54% - 7.28% |
| 7 Year Fixed | 6.50% - 7.01% |
| 10 Year Fixed | 6.51% - 6.91% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in Union City.
The city of Union City in Hudson County has a population of 67,982. The median rent in Hudson County for a 2 bedroom is $2,119. The median Union City resident is 36 years old with a yearly income of $24,297. The average family has 3.26 members and a median household income of $48,992. Union City has a 22% higher education rate. The unemployment rate in Union City is 4.5%.
79.2% of Union City households are renters.
35.7% median household income spent on rent.
Bedrooms |
Hudson County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,677 | $1,166 | $737 |
| 1 bedroom | $1,825 | $1,353 | $813 |
| 2 bedroom | $2,119 | $1,671 | $1,015 |
| 3 bedroom | $2,636 | $2,131 | $1,325 |
| 4 bedroom | $2,873 | $2,445 | $1,521 |
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