Site-Built Home Prices Continue to Soar, Eliminating Homeownership for First-Time Homeowners (in the Traditional Sense)

Today, homeownership is frequently cited as an example of attaining the American Dream. It is a symbol of financial success and independence and it means an ability to control one’s own dwelling place instead of the whims of a landlord.

For many, the realization of that unique element of the American Dream is becoming illusive in the traditional sense (site-built homes), as the affordability gap widens between hardworking low to middle income families and those in the upper range of age earners.

According to a recent report by the National Association of Realtors the median prices of homes rose to over $420,000, up 5.8% from previous year. Home builders say inflation is killing the market, along with high financing rates and rent increases over 21% and rising.

Home prices reaching new highs are creating a wide divide between those owning properties and those who wish to be home owners, especially first-time home buyers, effectively eliminating most of those potential home purchasers. Indications are that traditional home prices will continue to soar.

There is a form of housing that bridges that affordability gap and is “everything a home should be” – today’s modern manufactured home- which is generally equal, and often superior, in every respect, to a traditional site-built home and will have a cost up to 50% less than a comparably sized custom home constructed on site.

Additional Advantages Of Manufactured Home Ownership

• Manufactured housing is the only form of home regulated by a federal building code, which includes health, safety, energy efficiency and durability.
• Manufactured homes can open the door to high quality homeownership. They can appreciate in value and be an effective long-term affordable solution for families and communities across the country.
• A manufactured home is a sound investment, with a cost up to 50% less per square foot than a comparable traditional site-built home, equal and often superior in quality of construction, appearance and amenities.
• Multiple manufactured home financing choices are available, whether 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 VA. Because total consideration is lower, the required down payment will be proportionately less.
• Greater flexibility in the construction process allows for customization to meet a homebuyer’s lifestyle and needs, including enhanced 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.

Source: Excerpts from our previous blog posting –“Top 10 Surprising Advantages Of Owning A High Quality Affordable Manufactured Home”