Why Should you Choose a Manufactured Home?

If homeownership feels like it’s beyond your reach, don’t throw in the towel just yet on the American Dream. In the face of an ever-widening housing affordability gap, there are options you may not have considered. Manufactured homes (factory-built homes) are commonly available at lower monthly payments than what it costs to rent, providing an affordable path to homeownership for millions of Americans. Manufactured homes can be found anywhere in the country, in rural, suburban and urban communities.

There are 8.6 million manufactured homes nationwide, representing nearly 10 percent of the nation’s housing stock.

These days, manufactured homes are being built with quality construction to meet rigorous federal standards for safety, installation and construction. They come with features that today’s homebuyers want like luxury bathrooms and state-of-the-art kitchens with energy-efficient appliances. What’s more, many are often situated in communities with swimming pools, playgrounds and clubhouses.

While these amenities may sound like they come with a hefty price tag, manufactured homes provide quality housing at a lower cost. Indeed, the average price of a new, single-section manufactured home is less than$45,600 (excluding land) per square foot, compared to $177,000 per square foot for a traditional home, according to MHI statistics.

It’s important to remember that the affordability of manufactured homes is not a product of lesser quality, but rather the efficient way building materials are produced, a savings that is passed on directly to the homebuyer.

The terms of a manufactured home purchase differ from site-built homes. Be sure to ask the right questions at signing, including whether the home and its components come with warranties. Manufactured homes can be found anywhere in the country, in rural, suburban and urban communities.

If you are ready to take the step of saying goodbye to writing rent checks, do your research to discover the varied paths to affordable homeownership available today.