(StatePoint) 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, say experts.
“Manufactured homes are commonly available at lower monthly payments than what it costs to rent, providing an affordable path to homeownership for millions of Americans,” says Richard Jennison, president and CEO of the Manufactured Housing Institute (MHI).
Indeed, nationwide, there are 8.6 million manufactured homes, representing nearly 10 percent of the nation’s housing stock, according to MHI.
These days, manufactured homes are being built with quality construction to meet up-to-date federal standards for extreme weather safety, wind resistance and energy efficiency; and boast modern design elements with features like luxury bathrooms, wood-burning fireplaces and state-of-the-art kitchens with energy-efficient appliances. What’s more, many are often situated in communities with swimming pools, playgrounds and club houses.
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), compared to $177,000 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,” says Jennison. “Furthermore, they appreciate in value, just like site-built homes.”
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 and what the terms are.
Manufactured homes can be found anywhere in the country, in rural, suburban and urban communities. To learn more about the benefits of investing and living in a manufactured home, visit Facebook.com/ManufacturedHousingInstitute.
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.