State College is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in State College are considered greater risk due to market dynamics. Interest rates for multifamily loans in State College are higher than the national average. State College 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 State College.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in State College 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 | 5.33% - 5.57% |
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 State College.
The city of State College in Centre County has a population of 42,160. The median rent in Centre County for a 2 bedroom is $1,105. The median State College resident is 22 years old with a yearly income of $8,807. The average family has 2.81 members and a median household income of $34,005. State College has a 71% higher education rate. The unemployment rate in State College is 5.7%.
74.6% of State College households are renters.
51.6% median household income spent on rent.
Bedrooms |
Centre County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $947 | $680 | $737 |
| 1 bedroom | $969 | $747 | $813 |
| 2 bedroom | $1,105 | $929 | $1,015 |
| 3 bedroom | $1,475 | $1,198 | $1,325 |
| 4 bedroom | $1,498 | $1,330 | $1,521 |
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