Utica is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Utica are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Utica are slightly higher than the national average. Utica 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 Utica.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Utica 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.34% - 5.58% |
| 10 Year Fixed | 5.28% - 5.52% |
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 Utica.
The city of Utica in Oneida County has a population of 59,750. The median rent in Oneida County for a 2 bedroom is $847. The median Utica resident is 34 years old with a yearly income of $22,156. The average family has 3.35 members and a median household income of $37,760. Utica has a 19% higher education rate. The unemployment rate in Utica is 8.2%.
52% of Utica households are renters.
36.6% median household income spent on rent.
Bedrooms |
Oneida County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $624 | $909 | $737 |
| 1 bedroom | $665 | $990 | $813 |
| 2 bedroom | $847 | $1,202 | $1,015 |
| 3 bedroom | $1,054 | $1,537 | $1,325 |
| 4 bedroom | $1,213 | $1,692 | $1,521 |
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