St. Clair Shores is located in a good market for 5+ unit multifamily loans. Multifamily loans in St. Clair Shores are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in St. Clair Shores are competitive. St. Clair Shores 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 St. Clair Shores.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in St. Clair 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 10 Year Fixed | 5.19% - 5.43% |
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 St. Clair Shores.
The city of St. Clair Shores in Macomb County has a population of 58,984. The median rent in Macomb County for a 2 bedroom is $1,126. The median St. Clair Shores resident is 45 years old with a yearly income of $34,279. The average family has 2.91 members and a median household income of $60,805. St. Clair Shores has a 25% higher education rate. The unemployment rate in St. Clair Shores is 5.7%.
19.1% of St. Clair Shores households are renters.
27% median household income spent on rent.
Bedrooms |
Macomb County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $748 | $607 | $737 |
| 1 bedroom | $881 | $678 | $813 |
| 2 bedroom | $1,126 | $855 | $1,015 |
| 3 bedroom | $1,443 | $1,118 | $1,325 |
| 4 bedroom | $1,565 | $1,238 | $1,521 |
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