Erie is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Erie are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Erie are slightly higher than the national average. Erie 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 Erie.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Erie 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 Erie.
The city of Erie in Erie County has a population of 95,508. The median rent in Erie County for a 2 bedroom is $908. The median Erie resident is 35 years old with a yearly income of $21,802. The average family has 3.04 members and a median household income of $37,894. Erie has a 22% higher education rate. The unemployment rate in Erie is 7.9%.
49.1% of Erie households are renters.
33.2% median household income spent on rent.
Bedrooms |
Erie County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $671 | $680 | $737 |
| 1 bedroom | $703 | $747 | $813 |
| 2 bedroom | $908 | $929 | $1,015 |
| 3 bedroom | $1,129 | $1,198 | $1,325 |
| 4 bedroom | $1,231 | $1,330 | $1,521 |
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