Norton Shores is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Norton Shores are considered greater risk due to market dynamics. Interest rates for multifamily loans in Norton Shores are higher than the national average. Norton Shores 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 Norton Shores.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Norton Shores 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 Norton Shores.
The city of Norton Shores in Muskegon County has a population of 24,664. The median rent in Muskegon County for a 2 bedroom is $875. The median Norton Shores resident is 42 years old with a yearly income of $31,174. The average family has 2.96 members and a median household income of $63,805. Norton Shores has a 32% higher education rate. The unemployment rate in Norton Shores is 4.3%.
18.9% of Norton Shores households are renters.
28.8% 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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