Madison Heights is located in a good market for 5+ unit multifamily loans. Multifamily loans in Madison Heights are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Madison Heights are competitive. Madison Heights 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 Madison Heights.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Madison Heights 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 10 Year Fixed | 5.19% - 5.43% |
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 Madison Heights.
The city of Madison Heights in Oakland County has a population of 29,886. The median rent in Oakland County for a 2 bedroom is $1,126. The median Madison Heights resident is 39 years old with a yearly income of $28,928. The average family has 3.08 members and a median household income of $53,439. Madison Heights has a 24% higher education rate. The unemployment rate in Madison Heights is 3.7%.
41.3% of Madison Heights households are renters.
30.4% median household income spent on rent.
Bedrooms |
Oakland County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $748 | $607 | $737 |
| 1 bedroom | $881 | $678 | $813 |
| 2 bedroom | $1,126 | $855 | $1,015 |
| 3 bedroom | $1,443 | $1,118 | $1,325 |
| 4 bedroom | $1,565 | $1,238 | $1,521 |
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