Clay is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Clay are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Clay are slightly higher than the national average. Clay apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Clay.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Clay 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 $6M |
|---|---|
| 5 Year Fixed | 5.63% - 5.87% |
| 7 Year Fixed | 5.34% - 5.58% |
| 10 Year Fixed | 5.28% - 5.52% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Clay.
The city of Clay in Onondaga County has a population of 59,364. The median rent in Onondaga County for a 2 bedroom is $955. The median Clay resident is 40 years old with a yearly income of $39,401. The average family has 3.03 members and a median household income of $72,214. Clay has a 37% higher education rate. The unemployment rate in Clay is 3.9%.
27.4% of Clay households are renters.
25.9% median household income spent on rent.
Bedrooms |
Onondaga County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $687 | $909 | $737 |
| 1 bedroom | $773 | $990 | $813 |
| 2 bedroom | $955 | $1,202 | $1,015 |
| 3 bedroom | $1,192 | $1,537 | $1,325 |
| 4 bedroom | $1,381 | $1,692 | $1,521 |
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