Westland is located in a good market for 5+ unit multifamily loans. Multifamily loans in Westland are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Westland are competitive. Westland 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 Westland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Westland 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 Westland.
The city of Westland in Wayne County has a population of 81,511. The median rent in Wayne County for a 2 bedroom is $1,126. The median Westland resident is 40 years old with a yearly income of $30,537. The average family has 3.13 members and a median household income of $50,710. Westland has a 22% higher education rate. The unemployment rate in Westland is 5.4%.
40.1% of Westland households are renters.
29.4% median household income spent on rent.
Bedrooms |
Wayne 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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