Manufactured Housing Offers Quality and Value for Every Generation of Homebuyers
Today’s modern manufactured homes will meet the criteria of “everything a home should be,” offering quality, value, safety, amenities, energy efficiency and appearance and will have a cost 50% less than a comparable custom site-built home, and is the perfect choice of all age generations across the U.S.A., as defined below.
(Defining generational groups by birth dates are subjective, ultimately opinions vary on when generations begin and end.)
Generation Z – Born between 1995 and 2012, we don’t know much about Gen Z attitudes and their preferences about homeownership…we do know a lot about the highly diverse environment they are growing up in. Gen Z kids will grow up within a highly sophisticated media and technological environment and will be more internet savvy than their millennial predecessors. Gen Zers have surpassed millennials as the largest generational group in the world population. (Gen Z is 20% of Brazil’s population, for example).
In a survey by Homes.com, forty-six percent of Gen Z homebuyers who are beginning to enter the home market prefer single-family homes over townhomes (7%), multi-family units (5%), condominiums (4%) and (37%) don’t know.
Interesting to note from the survey is that indoor/outdoor entertainment space and open interior designs top the list of desired home features with 44% looking for rooms that flow into one another. Most producers of today’s new manufactured homes are offering open concept floor plans and fully integrated covered porches, ideal for indoor/outdoor entertaining, casual dining and entertaining. These preferences are similar to those also voiced by the next generation – millennials.
Millennials – Born between 1977-1994, this generation is by far the largest generation of first-time homebuyers for the sixth consecutive year. Recent estimates that around 52% of all those considering purchase of a home in 2020 will be millennial first-time home buyers.
Since 2017, a startling 99% of all millennial homebuyers have searched online when buying a home, including discovering the advantages of manufactured homes represented here at ManufacturedHomes.com.
Millennials have been more frugal than previous generations and are likely to seek energy-efficient, value-oriented homes that will save money on their energy bills while also helping the environment. For many, a new manufactured home will offer the least expensive option to address those expectations.
Generation X – Born 1965-1979, sometimes called ”empty nesters,” Gen Xers are between the ages of 40 and 54 with approximately 82 million individuals in the U.S. According to a study by Foremost Insurance Company showed that the average manufactured homeowner is 49.9 years old.
They are not as tech-savvy as their millennial counterparts but they are very attuned to social media and online shopping.
Housing preferences are similar to millennials, although Gen Xers are more apt to already own a home, many of whom want a different size home than what they currently have. Whether they want a bigger home or smaller home, however, depends on their age and/or family size.
Many who put their traditional home on the market do so to reap the financial benefits from returns expected from today’s over inflated home prices. Many are seeking to downsize without downgrading. Purchasing a modern new manufactured home is the ideal housing choice that meets those criteria.
Baby Boomers – Born 1946 -1964 and Seniors also known as the Silent Generation – Born before 1945 – The National Association of Realtors confirmed in an extensive study of prospective homebuyers that seniors and baby boomers are looking to downsize to homes with less than 1900 square feet.
Manufactured homes continue to remain the number one housing option for seniors retiring from the workforce. In fact, the greater portion of households that live in manufactured homes are headed by a retiree (32%) than site-built households (24%), as per CFPB Analysis of Consumer Finances Survey. Baby Boomers are perhaps the biggest advocates of manufactured home ownership and tend to be very involved in encouraging other seniors and friends to join in this lifestyle.
As life expectancy continues to increase, this demographic group will be a growing market for the manufactured home industry.
For more information about manufactured homes and this generation of older American home buyers, click our recent articles below: