Peoria is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Peoria are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Peoria are slightly higher than the national average. Peoria 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 Peoria.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Peoria 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 Peoria.
The city of Peoria in Peoria County has a population of 110,417. The median rent in Peoria County for a 2 bedroom is $918. The median Peoria resident is 35 years old with a yearly income of $29,480. The average family has 3.2 members and a median household income of $51,771. Peoria has a 35% higher education rate. The unemployment rate in Peoria is 9.3%.
44.1% of Peoria households are renters.
35.5% median household income spent on rent.
Bedrooms |
Peoria County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $675 | $599 | $737 |
| 1 bedroom | $722 | $669 | $813 |
| 2 bedroom | $918 | $840 | $1,015 |
| 3 bedroom | $1,186 | $1,100 | $1,325 |
| 4 bedroom | $1,263 | $1,238 | $1,521 |
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