Why Younger Generations Are Becoming Homeowners By Purchasing Manufactured Housing
In today’s market, manufactured housing has piqued the interest of an increasing number of house purchasers. For millennials still burdened by student loan debt and baby boomers downsizing as they approach retirement, prefabricated houses provide a unique buying option that combines all the desirable characteristics of a new home without the site-built price tag.
If you are considering purchasing a new house, a prefabricated home may be an option you have overlooked. Here’s everything you need to know about prefabricated housing, including why it is gaining popularity and why it may be the perfect option for you.
What Is Manufactured Housing?
Manufactured housing (MH) is a term that refers to a home that is built mainly — or completely — off-site in a factory or warehouse before being transported to its final location. The houses are assembled in a factory setting over a period of few days to several weeks, depending on the size and modifications requested by the homeowner. After construction is complete, the house’s components are delivered to the home site by a flatbed truck and erected on a foundation.
Who Purchases Manufactured Homes?
With rental prices increasing throughout the nation, each year, more millennials want to become homes. However, the site-built market today provides few opportunities to make such a reality. The cost of a prefabricated house is one of its most appealing features. These houses typically sell for about $73,000, vs. $291,874 for a site-built home, owing to the more efficient building procedure. In a factory setting, house builders may tightly regulate all stages of the process and standardize production processes to minimize expensive errors and damages, as well as delays caused by inclement weather.
Millennial house buyers, on the other hand, often struggle to locate a viable option in today’s site-built market. Fortunately, the prefabricated home sector provides an economically feasible answer to this issue. We are going to look at the top reasons why a millennial house buyer should consider purchasing a prefabricated home in this article.
Manufactured Homes Are More Affordably Priced Than Site-Built Homes
New prefabricated homes sell for an average of $73,000 (without land), whereas site-built homes sell for an average of $372,000. The large price difference unequivocally demonstrates that acquiring a prefabricated house, even with land, is considerably less costly than purchasing a similar site-built home. This is because prefabricated homes are considerably more affordable to construct than traditional residences.
Manufactured Homes Are of Exceptional Quality
As with site-built construction, manufactured houses are constructed using high-quality materials and erected according to rigorous standards. Today’s prefabricated houses are also visually appealing, looking identical to their conventionally built counterparts.
When purchasing a prefabricated house, customers have a variety of floor plans to select from, ranging from simple, minimalist rooms to opulent interiors. And, although the majority of manufactured homes are constructed using pre-designed floor plans, manufacturers provide many customization choices to ensure that each millennial house buyer’s unique taste and requirements are met.
Manufactured Homes Are Long-Lasting
Manufactured housing is equally as durable as site-built housing. Apart from being constructed using HUD-approved materials and according to applicable state, municipal, and regional regulations, these houses are also connected to permanent foundations that must adhere to stringent installation requirements.