Worcester is located in a good market for 5+ unit multifamily loans. Multifamily loans in Worcester are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Worcester are competitive. Worcester 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 Worcester.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Worcester 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 | 6.99% - 7.23% |
| 7 Year Fixed | 6.68% - 6.92% |
| 10 Year Fixed | 6.64% - 6.88% |
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 Worcester.
The city of Worcester in Worcester County has a population of 185,428. The median rent in Worcester County for a 2 bedroom is $1,552. The median Worcester resident is 35 years old with a yearly income of $26,671. The average family has 3.21 members and a median household income of $48,139. Worcester has a 30% higher education rate. The unemployment rate in Worcester is 5.6%.
58.7% of Worcester households are renters.
39.4% median household income spent on rent.
Bedrooms |
Worcester County 1 |
Massachusetts 2 |
National 2 |
|---|---|---|---|
| Studio | $1,138 | $1,259 | $737 |
| 1 bedroom | $1,214 | $1,399 | $813 |
| 2 bedroom | $1,552 | $1,747 | $1,015 |
| 3 bedroom | $1,930 | $2,190 | $1,325 |
| 4 bedroom | $2,105 | $2,423 | $1,521 |
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