Penn Hills is located in a good market for 5+ unit multifamily loans. Multifamily loans in Penn Hills are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Penn Hills are competitive. Penn Hills apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Penn Hills.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Penn Hills 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Penn Hills.
The city of Penn Hills in Allegheny County has a population of 41,317. The median rent in Allegheny County for a 2 bedroom is $1,022. The median Penn Hills resident is 44 years old with a yearly income of $32,042. The average family has 2.86 members and a median household income of $55,491. Penn Hills has a 31% higher education rate. The unemployment rate in Penn Hills is 5.6%.
25.6% of Penn Hills households are renters.
29.8% median household income spent on rent.
Bedrooms |
Allegheny County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $776 | $680 | $737 |
| 1 bedroom | $839 | $747 | $813 |
| 2 bedroom | $1,022 | $929 | $1,015 |
| 3 bedroom | $1,311 | $1,198 | $1,325 |
| 4 bedroom | $1,436 | $1,330 | $1,521 |
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