Massillon is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Massillon are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Massillon are slightly higher than the national average. Massillon 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 Massillon.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Massillon 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 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 Massillon.
The city of Massillon in Stark County has a population of 32,584. The median rent in Stark County for a 2 bedroom is $795. The median Massillon resident is 41 years old with a yearly income of $26,018. The average family has 2.91 members and a median household income of $45,809. Massillon has a 17% higher education rate. The unemployment rate in Massillon is 5.5%.
37.1% of Massillon households are renters.
28.5% median household income spent on rent.
Bedrooms |
Stark County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $525 | $597 | $737 |
| 1 bedroom | $603 | $662 | $813 |
| 2 bedroom | $795 | $834 | $1,015 |
| 3 bedroom | $1,014 | $1,084 | $1,325 |
| 4 bedroom | $1,078 | $1,205 | $1,521 |
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