New Report: Gen Zers Look to Manufactured Homes to Fill Housing Needs
More and more young adults are shattering misconceptions about modular and manufactured housing as many go with these options to secure housing in an otherwise unaffordable market.
This information comes by way of a new survey from Vanderbilt Mortgage and Finance, Inc, a national financial institution focusing on manufactured, modular, and mobile homes. The survey, conducted by the company’s consumer insights team using Statista data, investigated how potential homebuyers perceive off-site built housing, as well as what they’re looking for in their homes.
Overall, Vanderbilt Mortgage and Finance found that Gen Zers (representing people born between 1997-2010, or 20.6% of the American population) now see manufactured housing as a viable way to get into the market compared to sentiments held by previous generations due to customizable options and varied price points it offers.
Using this new data, Vanderbilt intends to use these insights to meet the needs of today’s newest generation of buyers.
Looking deeper at the data, nearly three-quarters of Gen Zers surveyed reported a positive impression of off-site built housing, indicating that the “outdated, and often incorrect, perceptions of off-site built housing are quickly changing as younger generations discover the quality and affordability of manufactured homes.”
The data also found that the price of a home (now an average $433,070, as reported by HouseCanary) is a huge factor in this shift in perceptions about manufactured housing. When compared to the $433,000 a new home goes for, manufactured housing can offer a home for around $130,000.
“Overall, Gen Zers see the many possibilities for manufactured homes with customizable options at attainable price points,” Vanderbilt Mortgage wrote in their report on the findings. “Modern, stylish, and energy-efficient home design options also contributed to the positive overall impression.” Vanderbilt’s insights team works hand-in-hand with a design team that sifts through the data to suggest changes in home design that reflect the needs of future and current homeowners.
“We believe that our homes are an ideal way for younger generations to achieve the American dream of homeownership without sacrificing comfort and style,” said Vanderbilt Mortgage Director of Customer Experience Jason Langston. “Today’s off-site built homes have a modern aesthetic, are energy efficient, and provide an attainable path to homeownership.”
Sustainability, affordability, and “green” manufacturing processes are also top concerns for Gen Z as they want to invest in something environmentally friendly. For example, Vanderbilt Mortgage’s survey discovered that they prefer renewable materials and value sustainability. In fact, the environmental reputation of a builder is more important than their business ratings or customer service to the majority of Gen-Z. Construction quality and home prices ranked higher than the environmental reputation, however.
