Hickory is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Hickory are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Hickory are slightly higher than the national average. Hickory 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 Hickory.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hickory 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 Hickory.
The city of Hickory in Catawba County has a population of 41,171. The median rent in Catawba County for a 2 bedroom is $711. The median Hickory resident is 38 years old with a yearly income of $26,293. The average family has 3.06 members and a median household income of $47,652. Hickory has a 33% higher education rate. The unemployment rate in Hickory is 8.5%.
45.2% of Hickory households are renters.
30.2% median household income spent on rent.
Bedrooms |
Catawba County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $571 | $694 | $737 |
| 1 bedroom | $575 | $713 | $813 |
| 2 bedroom | $711 | $871 | $1,015 |
| 3 bedroom | $923 | $1,152 | $1,325 |
| 4 bedroom | $1,056 | $1,386 | $1,521 |
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