The Evolution Of Manufactured Home Growth As An Attractive Affordable Housing Solution
Manufactured housing, often, and incorrectly referred to as “mobile homes,” “prefabricated” or “trailers,” is experiencing a resurgence in popularity and growth. These homes, once synonymous with limited design options and lower-quality construction, have evolved significantly over the years to become a cost-effective and attractive housing solution for many.
Gone are the days when manufactured homes were synonymous with cramped spaces and limited aesthetic appeal. Today’s manufactured homes offer a wide range of sizes, layouts, and design options that rival traditional stick-built homes.
Quality Construction
The evolution of today’s high quality manufactured housing began 4 decades ago with the U.S. Congress passed the Manufactured Home Construction Standards Act on June 15, 1976 (HUD Code); creating legally the “manufactured home.” Manufactured homes are the only form of housing subject to a stringent building code.Today’s manufactured homes are built in controlled factory environments allowing for strict quality control and efficient construction processes.
Affordability and Cost Efficiency
One of the primary drivers behind the growth of manufactured housing is affordability. A manufactured home often will have a price up to 50% less than a comparably sized and equipped site-built home, making homeownership accessible to a wider range of homebuyers. The lower construction costs translate to more affordable purchase prices, which is particularly appealing in markets where housing prices have surged in recent years.
Customization and Design Flexibility
Manufactured housing now offers an impressive level of customization and design flexibility. Homebuyers can choose from various floor plans, finishes, and interior and exterior features to create a personalized living space that suits their needs and preferences. This shift towards customization has attracted a diverse range of homebuyers, including first-time buyers, retirees, and those looking for vacation properties.
Financing Choices Available
Multiple manufactured home/modular home financing choices are available, whether home is placed on private property or within a land-lease community. A manufactured home affixed to real estate will qualify for mortgage financing similar to a traditional site-built home, including FHA and V.A. Because total consideration is lower, the required down payment requirement will be proportionately less.
Source: Excerpts from a press release by Allied Market Research
