Twenty-two million people in America live in manufactured homes. According to the Manufactured Housing Institute’s 2018 Manufactured Housing Facts, such properties now represent about 10% of new home construction, with an average sales price of $70,600. The median household income of homebuyers is $30,000. The Institute states that–for the same size home–the cost is about half the cost of a site-built home.
Today’s manufactured homes are built with the latest environmentally-friendly and cost-saving features. Not only will your new home be affordable, your monthly utility costs will be lower, and you won’t have the hassle of maintaining an old heating furnace or cooling system.
If you took a drive through any suburban neighborhood that included a few manufactured homes, you will probably not be able to spot them. Once the home is constructed and the yard is landscaped, they look like any traditional home.
MH Village is the nation’s largest website for finding a manufactured home. You can see photos and browse properties for-sale (or rent) anywhere in America: https://www.mhvillage.com
There are different categories of property types to choose from.
- A “manufactured home” is built in a climate-controlled facility and is placed on a permanent foundation or a basement. Many manufactured homes are built on leased land within a community– which keeps the costs much lower for homebuyers.
- A “modular home” is also built at a facility, however, models are usually available in a broader range of interior and exterior design choices. Modular homes are a popular choice for properties built on a privately-owned parcel of land.
- A “mobile home” is usually situated on non-permanent foundations, and on leased land. Today’s mobile homes are quite different, and are found in beautifully landscaped communities.
Everything you need to know about manufactured properties and mortgage financing for each property type is explained in Housing Finance 2020. Choose “books” on this website, and you can get a 20% discount on orders from BookBaby– enter Code 2020 for paperback or 2020E for the e-book.