The American Dream of Homeownership Becomes reality with Manufactured Homes
The American dream of homeownership can feel like a distant mirage in today’s housing market. Soaring prices and limited availability leave many wondering if that dream will ever become a reality. But what if there was a secret weapon – a hidden gem in the housing world – that offered spacious living, modern features, and affordability that wouldn’t break the bank? Consider the following facts:
Construction standards vs. site-built: Most home shoppers are unaware that today’s manufactured homes are built to a higher standard than most site-built homes. They must adhere to strict building codes set by the Department of Housing and Urban Development (HUD). Manufactured housing is the only form of housing regulated by a federal building code, which includes health, safety, energy efficiency and durability. This translates to peace of mind for homeowners, knowing their manufactured home is built to last.
Affordability – A new manufactured home will have a price up to 50% less than a comparably sized and equipped site built home, utilizing the same materials as site-built. This incredible value proposition held by manufactured homes includes impressive square footage and modern amenities.
Customization – Most manufacturers offer a surprising level of customization to meet a homebuyer lifestyle and needs, including Energy Star-labeled manufactured homes for substantial savings in many respects of owning and operating a home, and an array of amenities, decor, fixtures and appliances. A manufactured home purchaser may also choose from a variety of floor plans, exterior designs, and interior finishes to create a home that reflects a unique style and taste.
Multiple finance options – Where and how located will be the determining factor when securing financing for a new manufactured home. When locating a home onto private property and attaching the home to a permanent foundation, the manufactured home may be financed with the same terms and conditions as conventional real estate. When placing the home on private property not attached to a foundation or within a manufactured home community, the home may be financed utilizing a chattel mortgage.
Fire safety – A study by the National Fire Protection Agency (NFPA) and another study by the Foremost Insurance Company shows … “Site built homes are more than twice likely to experience a fire than a HUD Code manufactured home.”
Wind and storm safety – Manufactured homes built after the 1994 HUD Code changes are subject to the same
site-building codes and wind safety standards in accordance with the International Building Code (IBC). A University of Florida study found… “not one manufactured home built after 1994 was destroyed by four hurricanes that struck Florida in 2004.”
Manufactured housing is a significant source of unsubsidized quality affordable housing in the United States. Nearly 22,000,000 live in manufactured homes, which opens the door to homeownership for families that in many housing markets cannot afford to buy a site-built home.
