West Seneca is located in a good market for 5+ unit multifamily loans. Multifamily loans in West Seneca are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in West Seneca are competitive. West Seneca 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 West Seneca.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Seneca 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 West Seneca.
The city of West Seneca in Erie County has a population of 45,344. The median rent in Erie County for a 2 bedroom is $982. The median West Seneca resident is 46 years old with a yearly income of $35,944. The average family has 2.91 members and a median household income of $67,617. West Seneca has a 30% higher education rate. The unemployment rate in West Seneca is 3.1%.
24% of West Seneca households are renters.
27.3% median household income spent on rent.
Bedrooms |
Erie County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $794 | $909 | $737 |
| 1 bedroom | $824 | $990 | $813 |
| 2 bedroom | $982 | $1,202 | $1,015 |
| 3 bedroom | $1,221 | $1,537 | $1,325 |
| 4 bedroom | $1,370 | $1,692 | $1,521 |
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