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Make Homeownership Affordable for Your Family
Special to The Truth
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.
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