Cheektowaga is located in a good market for 5+ unit multifamily loans. Multifamily loans in Cheektowaga are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Cheektowaga are competitive. Cheektowaga 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 Cheektowaga.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cheektowaga are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Cheektowaga.
The city of Cheektowaga in Erie County has a population of 86,477. The median rent in Erie County for a 2 bedroom is $982. The median Cheektowaga resident is 41 years old with a yearly income of $31,617. The average family has 2.84 members and a median household income of $54,191. Cheektowaga has a 23% higher education rate. The unemployment rate in Cheektowaga is 3.6%.
30.5% of Cheektowaga households are renters.
28.5% median household income spent on rent.
Bedrooms |
Erie County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $794 | $909 | $737 |
| 1 bedroom | $824 | $990 | $813 |
| 2 bedroom | $982 | $1,202 | $1,015 |
| 3 bedroom | $1,221 | $1,537 | $1,325 |
| 4 bedroom | $1,370 | $1,692 | $1,521 |
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