Okemos is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Okemos are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Okemos are slightly higher than the national average. Okemos 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 Okemos.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Okemos 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 Okemos.
The city of Okemos in Ingham County has a population of 24,141. The median rent in Ingham County for a 2 bedroom is $962. The median Okemos resident is 35 years old with a yearly income of $38,451. The average family has 3.06 members and a median household income of $78,600. Okemos has a 75% higher education rate. The unemployment rate in Okemos is 5.0%.
39.1% of Okemos households are renters.
35.3% median household income spent on rent.
Bedrooms |
Ingham County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $751 | $607 | $737 |
| 1 bedroom | $783 | $678 | $813 |
| 2 bedroom | $962 | $855 | $1,015 |
| 3 bedroom | $1,239 | $1,118 | $1,325 |
| 4 bedroom | $1,338 | $1,238 | $1,521 |
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