Retirees Choosing Manufactured Homes, “Enjoying The Good Life”
A greater portion of households that live in manufactured homes are headed by a retiree (32%) than site-built households (24%), as per CFPB analysis of Survey of Consumer Finances (SCF), 2004–2010.
Recent surveys have found that 40% of Americans risk going broke during retirement, and compounding the matter, about one-half have less than $1,000 in savings.
The average retired household spends around $45,000 per year, an amount that includes housing, transportation expenses, food, entertainment, and the expense of health care.
For a healthy retired individual, health care is not going to be their costliest expense — that title goes to housing. The remedy may well be found in today’s modern, quality-built manufactured homes. With an average price of $68,000 as of October, 2017 according to the U.S. Census Bureau, manufactured homes offer a solution to the affordable homeownership crisis — and retirees are beginning to take notice.
Manufactured Homes Offer Affordable Downsizing, Not Downgrading
Retired homeowners should seriously consider downsizing if housing costs are a significant portion of their spending. Even if you own your existing home free and clear, there are regular expenses that a manufactured home simply won’t have — as well as other advantages you may not have expected.
Reduced utility costs. An energy efficient manufactured home means lower, less expensive energy consumption.
Lower maintenance costs. New manufactured homes are warranted by the manufacturer against defects and material for a minimum of one year, and extended three- to five-year warranties are often available. Scores on manufactured home builders‘ C.S.I (Customer Satisfaction Index) surveys of homebuyers average over 95.0. This number is determined predominantly by one question: “Would you purchase the same home if had a chance to do it over?” This means over 95% of manufactured home buyers answered “Yes!”
Reduced or no property taxes. A smaller manufactured home not legally attached to real property will be taxed, in most states, as personal property. The homebuyer also has the option of placing the home on land they own, which qualifies it for financing under the same conditions as a site-built home. In other words, if attached to real property, a manufactured home is considered real estate.
Lower purchase costs. A modern manufactured home offers construction features, fire and wind safety, and state-of-the-art building amenities and designs equal with, and often superior to, a newly constructed site-built home. However, the acquisition cost is up to 50% less.
Quick move-in. Occupancy within about 4-6 weeks from the commencement date of production. Never delayed by adverse weather conditions.
Independent or Community living. Today’s modern manufactured homes are a very popular option for all income levels of retirees. Getting into one may afford you the opportunity to land in a great manufactured home community built specifically for retired people, or you may be able to locate in a coveted and comfortable home spot.
Seniors across the country considering retirement are discovering why manufactured housing is an ideal path to “enjoying the good life” after retiring from the workforce.
