7 Reasons Millennials Are Buying Manufactured Homes

Millenial Buying Trend Is Shifting Real Estate Landscape

People between the ages of 18 and 37 are changing the way we think about real estate. In fact, in November 2018, millennials claimed the lead in mortgage ownership. There are more than 83 million people in this age group, which means millennials now are the largest segment of homebuyers in the U.S. market.

But, millennials are not buying the homes of their parents’ dreams. There are some key things we now know about the millennial market, and the impact those buyers have on other industries like dining, hospitality and retail.

Here’s what we’ve discovered about millennials and the evolution of today’s real estate landscape.

Manufactured Housing Is In and Here’s Why:

Affordability

In the midst of a student loan and rent crisis, affordability is key in the millennial market. While site-built homes remain in a price bracket well over the demographic’s median income, manufactured homes cost significantly less to build.

Manufacturers are able to control all aspects of home construction including customized materials, standardized operations, reduced error, and all without the threat of inclement weather causing delays. Streamlining the building process makes manufactured homes and other forms of factory-built housing more cost-effective than their conventional counterparts.

The average owner of a manufactured home spends only 16% of their income on housing, making this a viable option for households at or below the area median.

Ownership

Manufactured homes provide the opportunity for ownership to a generation where over 82% say that buying a home is a priority. Recent findings determined that only 37% of millennials owned a home by the end of 2015.

Manufactured housing presents an option that we anticipate will drastically improve that statistic in the coming years.

On a different level of ownership, community residents also can own and operate the communities where they live. There now are more than 250 resident-owned mobile home communities in the United States.

Durability

A common misconception around the durability of manufactured homes is quickly fading as the dwellings grow in popularity with younger singles and couples. While it once was presumed that the homes were less than structurally equipped to endure strong winds or heavy snowfall, upgrades to construction methods and materials have alleviated those concerns.

Manufactured homes are held to the same standards as site-built homes, often with more attention from inspectors than the site-built counterparts. With a strict installation process and proper maintenance, manufactured homes are crafted to withstand environmental stressors.

Energy Efficient AND Environmentally Friendly

Saving money while saving the environment? Yes! Millennials are more conscious of their carbon footprint than previous generations, and eco-friendly housing presents a chance to cut costs and help the environment.

Many manufactured homes come with energy-efficient appliances, which return both economic and environmental benefits. Energy-efficient features include UV-protected windows, programmable thermostats, and upgraded insulation.

Even during the construction process, manufactured homes are creating less waste and promoting better use of materials and resources, all the while keeping building costs low for the owner.

Customizable Designs

Design options and the ability to customize designs is another reason millennials are looking to manufactured housing. Flexible space, meaning areas that are easily converted or multi-purpose, is a preference for millennial buyers.

In addition, a very minimalist approach to design typically is favored among millennial homebuyers. For instance, open concept floor plans have become more desirable for living and entertaining. Millennials want to optimize space with creative storage and reduced clutter, which leaves a larger feeling room.

When it comes to aesthetics, sleek materials such as granite alongside neutral interior paint colors are most popular.

A Place for Pets

Dogs are the most popular pet choice among millennials. With increasing pet deposits on rentals, as well as breed restrictions, it is becoming more practical for the dog loveing house hunter to invest in homeownership.

Outdoor Space

A large yard is the number 1 priority among millennial homebuyers. Manufactured homes give buyers the freedom to choose their home’s placement. Buyers can choose to purchase mobile homes and manufactured homes with or without land, which allows the owner to not only decide on her home’s style, but its surroundings as well.

And, that means more room for pets!