High-Quality Affordable Manufactured Housing Offers More Home for Less
With interest rates staying higher for longer coupled with steadily tight, albeit rising inventory this spring, borrowers continue to explore all options when it comes to purchasing a home they can afford. Enter high-quality manufactured housing.
These high-quality, factory built homes offer more for less, and the once negative sentiment towards them is turning the corner. Recent Federal Housing Administration Increases to Title 1 manufactured housing loan limits only adds to their appeal.
Today, nearly 20 million Americans live in manufactured homes and these homes are seen as playing a pivotal role in bolstering the limited housing supply. A Freddie Mac survey showed that 77% of people who were aware of manufactured homes expressed a positive sentiment toward them and 62% indicated they are likely to consider purchasing one.
The Manufactured Housing Institute (MHI) reports that these factory-built homes, on average cost about $85 per square foot, versus the $167.87 per square foot that a traditional site-built home costs. Manufactured homes have changed a lot over the last several years, now offering more choices and amenities. Since 1976, the construction of manufactured homes has been regulated by federal standards defined by The U.S. Department of Housing and Urban Development (HUD).
Today’s Manufactured homes offer quality construction, customizable floor plans and amenities comparable to site-built homes. The following are three additional Manufactured Housing Facts that are included in each manufactured home produced. Source: Manufactured Housing Institute, (MHI).
Manufactured housing has a vital role in enabling homeownership.
Manufactured housing is the only type of housing that Congress recognizes as having a vital role in meeting America’s housing needs as a significant source for affordable homeownership accessible to all Americans.
Manufactured housing provides unsubsidized affordable housing.
Manufactured housing provides unsubsidized affordable housing in the U.S. and the only type of housing built to a federal construction and safety standards (the HUD code).
Manufactured homes are safe and secure.
Manufactured homes must be built to the HUD code, a single uniform regulatory framework for home design and construction, including standards for health, safety, energy efficiency, and durability. This single code has enabled manufacturers to ship homes easily across interstate lines and achieve economies of scale that have brought high quality affordable homes to millions of families.
