NEW MANUFACTURED HOMES AFFORDABLE FOR YOUNGER AMERICANS IN TODAY’S ECONOMY
Home ownership – that celebrated hallmark of the American dream – is increasingly being put on hold for younger Americans.
The millennial generation roughly spans ages 18 to 34, with the median age of a first time home buyer being 33. A generation ago, this median figure was about three years younger. The typical first timer now rents for six years before buying a home, a number that has gone up from 2.6 years in the 1970s.
The delay in millennial homeownership is a result of stagnant wages and rising prices of site built homes. This combination has eliminated the ability to qualify for and afford the payments required to maintain home ownership. As a result, more and more younger families are stuck paying ever increasing rent for years before buying a home.
Fueled by a surge of renters across all age ranges, rental prices nationwide have grown at roughly twice the pace of average hourly wage growth, which was a paltry 2.1% over the past year. Unfortunately for many, the dream of home ownership becomes an increasingly elusive.
Thousands of millennials across the nation have discovered that there is a quality affordable alternative for desired home ownership – today’s new manufactured home, and until now, “America’s best kept secret.”
“New Manufactured Homes Affordable for Younger Americans in Today’s Economy”
According to the Department of Commerce the average square foot cost of a new manufactured home was $41.24 nationwide in 2009, compared to $83.89/sq. ft. for a new site-built home. These numbers do not include the cost of the land. Current data is consistent with these figures, which should re-affirm that the average cost of a new manufactured home is about 50% less than a comparable “individual” site built home.
Today’s new manufactured homes are not only more affordable to own, but also equal or superior to a site built home in every aspect. This includes construction, appearance, warranty, wind and fire safety, and available amenities with floor plans that can be customized to the home owners’ wants and needs.
When attached to private property, a manufactured home may be financed with the same terms and conditions as a site-built home. Because of the lower selling price the down payment requirements will be lower and the monthly payments will similarly be reduced.
The additional advantage with a new manufactured home is that it can be built the way you want it – allowing you to enjoy a new manufactured home like the Kabco MD series – delivered and installed on your property within a matter of weeks.