Millcreek is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Millcreek are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Millcreek are slightly higher than the national average. Millcreek 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 Millcreek.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Millcreek 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 Millcreek.
The city of Millcreek in Erie County has a population of 53,297. The median rent in Erie County for a 2 bedroom is $908. The median Millcreek resident is 43 years old with a yearly income of $33,282. The average family has 2.9 members and a median household income of $64,003. Millcreek has a 42% higher education rate. The unemployment rate in Millcreek is 4.0%.
30.7% of Millcreek households are renters.
28.4% 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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