In 2008, the housing market in the United States took a nosedive. Many people found themselves in trouble when their subprime mortgages began to eat away at their daily living, especially as the cost of living began to rise. As a result, thousands of people defaulted on their loans and lost their homes.
This catapulted the United States into the Great Recession, causing economic problems throughout the country.
Since that time, homeowners have taken a shift in thinking. Many decided that expensive stick-built homes were too big of a risk, and they started looking at affordable manufactured homes. The manufactured home market has responded in kind, continuing to increase its quality while building affordable homes.
If you’re looking for a place to live and a way to invest in the future, then a manufactured home may be in your future. Investing in a manufactured home is turning out to be a worthy investment. Keep reading to learn everything you need to know about manufactured homes in the twenty-first century.
What Are Manufactured Homes?
A manufactured home is a home built in a factory rather than on-site. It’s built on a steel frame versus a wood frame thus, the term manufactured versus the stick-built home.
After the builders have finished constructing the manufactured home, they transport it to the land that the home buyer either owns or rents. Some manufactured homes will go to mobile home parks, while others will go to the land the homeowner has purchased. After the home arrives on site, the builders will assemble the house and secure it to a base.
Many people use the terms mobile home and manufactured housing interchangeably. Legally, there is a difference. According to HUD, homes built before June 15, 1976, are mobile homes, while homes built after June 15, 1976, are manufactured homes.
The HUD changed the requirements for homes built during this time frame, and thus the change in names. Manufactured homes have a higher standard than the pre-1976 builders had to follow.
Because builders construct the homes on site after building them in a factor, the general public tends to use the terms interchangeably.
Modular homes are the third type of factory-built house. These homes look more like stick-built homes and typically have a foundation. They arrive on-site in several pieces, and builders then construct them at the homeowner’s property.
Even an RV can fall into a similar category. The difference between a manufactured home and an RV, though, lies in the mobility of the home. An RV can go wherever the homeowner goes, whereas a manufactured home is stagnant and not on wheels.
Benefits of Buying a Manufactured Home
Manufactured homes come with a variety of benefits. Some generations that prefer the status associated with a stick-built home will prefer to take out loans of hundreds of thousands of dollars for homes that they will not own for thirty years.
But manufactured homes are for those individuals with a right-now mindset of living. They want to live right now and not find themselves tied up in huge loans for the property they won’t own for decades. Here are a few of the most common benefits of buying and living in a manufactured home.
1. Popularity
In 2009, manufactured home sales have gone up from 49,800 to 94,600. In short, people are looking for more affordable housing. In fact, since the end of the latest recession, experts are predicting that manufactured home sales will double in production.
They’re estimating that this housing sector could outpace other housing sectors in terms of real estate growth.
Why is this? Those who remember the Great Recession, who lost their jobs and homes, are skittish to trust banks and the housing market. They’re looking for a more affordable housing solution should things go awry again, and they don’t want to find themselves on the wrong side of a big mortgage payment again.
2. Cost Comparison
You will not spend even close to the same amount of money when you purchase a manufactured home compared to a traditional site-built home. Why?
The median home value in the United States is $374,900. Home values have increased 16.2% from 2021 to 2022. Manufactured homes, on average, will cost less than $200,000.
Manufactured homes are quickly becoming the solution to affordable housing. Families are seeing how they can save money and still own a home.
3. Limited Construction Delays
Companies build manufactured homes indoors. They do not have to wait out bad weather or wait for spring to arrive after a long winter. They just keep building throughout the year, day in and day out.
This means that manufactured home buyers need only to have property. When they want their home, it will be ready because the factory doesn’t have to deal with typical construction delays.
4. Variety of Styles
The manufactured homes of today are not your grandma’s single-wide mobile home from the 1970s. In the past, mobile homes had the same look and feel.
Manufactured home builders are responding by creating works of art with variety. When you order your home, you can look at various options and styles that will make your home uniquely yours.
5. High Performance Manufactured Homes
New manufactured homes are higher performing than past models. They’re more energy and water efficient, which increases their lifecycle. In short, they’re more affordable to operate.
These homes will come with stronger construction that makes them more resilient to moisture and wind penetration. They also come with healthy indoor environmental qualities, built with quality materials. New models will also have energy-efficient appliances.
Don’t Fear Mobility
Manufactured homes are an investor’s dream. They’re affordable and livable. Furthermore, more people are looking for ways to save on housing costs so they can enjoy their lives to the fullest.
Increasingly more people are focusing on spending money on experiences, traveling, and seeing the things around them rather than paying for an expensive home that they can just sit in.
Ultimately, mobile homes are a great investment. Look into alternative housing options so you can save money and enjoy your life a bit more.
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Check out our line of destination trailers. They have all the conveniences of a modern manufactured home for a fraction of the cost. You can spend your money on living rather than on a place to live.
A recreational vehicle will fit your lifestyle, giving you a place to live while you pick up and see this great country. Contact us today.
