Top 5 Reasons Why Seniors and “Baby Boomers” Prefer Manufactured Homes

Baby Boomers – Born 1946 – 1964 and Seniors, also known as the Silent Generation – born before 1945. The National Association of Realtors confirmed in an extensive study of prospective homebuyers that seniors and baby boomers are looking to downsize to homes less than 1900 square feet.

The baby boomers of today are retiring in record numbers, and as active as they are, many are challenging a number of popular stereotypes about retirement and aging. According to the U.S.Census Bureau by 2034 nearly a quarter of the U.S population will be over the age of 65, and many are seeing the benefits of their activity and their social network reflected in their health.

Manufactured homes continue to remain the number one housing option for seniors leaving the workforce. In fact, the greatest portion of households that live in manufactured homes are headed by a retiree (32%) than site-built homes (24%) as per the CFPB Analysis of Consumer Finances Survey.

There are many reasons that manufactured housing remains the housing choice for senior retirees. Many healthy retirement age, low and middle-income workers are living longer, and in many instances are delaying retirement plans, as a result of a lack of funds available to maintain a comfortable retirement for an extended period of life. Recent studies have found that 40% of Americans risk going broke during retirement, and compounding the matter, about one-half have less than $1,000 in savings.

For a retired individual, health costs are not going to be the most expensive cost after retirement. That title goes toward housing. For a growing number of seniors, the remedy will be found with today’s modern well-built manufactured housing.

Today, many seniors are living in larger site-built homes that have or will continue to be a strain on their financial capabilities, a result of upkeep, taxes, utility costs, etc. In a real estate market that has seen the values of existing real estate at historical levels, senior homeowners are selling their homes and using the equity realized to purchase a new manufactured home and set aside money to enjoy a comfortable, less worrisome retirement.

The following are our Top 5 of the many reasons that seniors choose to purchase a new high quality affordable manufactured home.

1. Acquisition cost will be up to 50% less, (not including land), than a new site-built home with quality construction features, stringent fire, and wind requirements, state-of-the-art amenities, and features at least equal, and often superior to a newly constructed home built on site.
2. Reduced utility costs:  An energy-efficient manufactured home means smaller energy consumption.
3. Lower maintenance costs: New manufactured homes are warranted by the manufacturer against defects and materials for a minimum of one year. Manufactured homes are the only single-family housing in the United States subject to a federal building code (HUD), which also mandates warranty provisions.
4. Reduced or no property taxes: A manufactured home not permanently attached to real property will be taxed, in most states, as personal property. Manufactured home purchasers also have the option of placing and attaching the home onto owned private property, thus qualifying for financing under the same conditions as a site-built home. In other words, a manufactured home attached to real property is considered real estate in every respect.
5. Manufactured homes can be customized to meet the requirements, wants, and needs of the home purchaser: including upgraded energy-saving appliances, cathedral ceilings, fully integrated covered porches, luxury baths, and much more. Some manufacturers can customize manufactured homes for those with mobility issues.

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