Essex is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Essex are considered greater risk due to market dynamics. Interest rates for multifamily loans in Essex are higher than the national average. Essex apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Essex.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Essex 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.33% - 5.57% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Essex.
The city of Essex in Chittenden County has a population of 21,467. The median rent in Chittenden County for a 2 bedroom is $1,732. The median Essex resident is 40 years old with a yearly income of $40,360. The average family has 2.92 members and a median household income of $84,588. Essex has a 52% higher education rate. The unemployment rate in Essex is 2.7%.
29.4% of Essex households are renters.
29.9% median household income spent on rent.
Bedrooms |
Chittenden County 1 |
Vermont 2 |
National 2 |
|---|---|---|---|
| Studio | $1,161 | $808 | $737 |
| 1 bedroom | $1,345 | $898 | $813 |
| 2 bedroom | $1,732 | $1,111 | $1,015 |
| 3 bedroom | $2,154 | $1,433 | $1,325 |
| 4 bedroom | $2,349 | $1,571 | $1,521 |
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