Since 2012, the average price of a home has risen by almost 47%. As a result, affordable housing solutions like manufactured homes may be more suitable for homebuyers looking for a starter home or seeking to downsize.
However, misperceptions about quality and a lack of awareness both still remain as obstacles to progress.
The newest generation of manufactured homes has moved far beyond the double-wides and trailers of yesterday. In fact, most manufactured homes, once placed on land, are never moved. Excluding land cost, the average price of a manufactured home today is $49 per square foot, compared with $107 for site-built homes.
Once sited, these homes can be indistinguishable from traditional site-built homes on the same street. Low profile foundations, high-pitched roofs, front porches, driveways, energy efficiency elements, and garages or carports are just a few of the new design features available.
And with Fannie Mae’s MH Advantage, financing for qualifying manufactured homes is available with as little as 3% down on a land-home, 30-year mortgage.