Muskegon is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Muskegon are considered greater risk due to market dynamics. Interest rates for multifamily loans in Muskegon are higher than the national average. Muskegon 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 Muskegon.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Muskegon 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 | 5.23% - 5.47% |
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 Muskegon.
The city of Muskegon in Muskegon County has a population of 36,565. The median rent in Muskegon County for a 2 bedroom is $875. The median Muskegon resident is 36 years old with a yearly income of $20,222. The average family has 3.06 members and a median household income of $32,433. Muskegon has a 13% higher education rate. The unemployment rate in Muskegon is 9.5%.
50.6% of Muskegon households are renters.
41.2% median household income spent on rent.
Bedrooms |
Muskegon County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $629 | $607 | $737 |
| 1 bedroom | $664 | $678 | $813 |
| 2 bedroom | $875 | $855 | $1,015 |
| 3 bedroom | $1,134 | $1,118 | $1,325 |
| 4 bedroom | $1,187 | $1,238 | $1,521 |
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