Who Buys Today’s Manufactured Homes?
A recent study by Foremost Insurance Company showed that the average manufactured home owner is 49.9 years old. However, today’s manufactured homes appeal to a wide range of demographic groups.
Baby Boomers are beginning to retire in large numbers. These are senior citizens who desire to downscale the size of their homes. A large percentage of these retirees purchase manufactured homes for placement in senior manufactured home or mobile home communities that are designed to satisfy a safe comfortable lifestyle with the social activities and facilities that encourage interaction with others of the same interests and age category. These 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 ideal lifestyle.
As life expectancy continues to increase, this demographic group will be a growing market for the manufactured home industry, as well as the manufactured home community industry.
Empty Nesters are those who also want to downscale the size of home, but often for other reasons. These are couples in the 45 to 60 age group whose children have grown to adults and have left the family home to create their own families — leaving mom and dad living in a larger home than they need or want. Empty Nesters are usually still working and want to eliminate the upkeep expenses of a home, energy costs, and property taxes and are looking forward to being in a financial position to retire comfortably when the time arrives.
Many in this demographic have discovered the many advantages of manufactured home ownership. Affordability, value, energy efficiency, and the maintenance-free aspect of manufactured homes are the motivating factors influencing their decision to become a manufactured home owner.
Many in this group sell their existing home and use the proceeds to purchase land and a new manufactured home to be placed on that property.
An increasing number of people in this group purchase a manufactured home as a second home, or vacation with land, in a location with the intent for use as their permanent home upon retirement.
Some even locate their new manufactured home in adult-only manufactured home rental communities or “own your own” land manufactured home developments.
“Entry Level” or “First-Time Buyers”
The Foremost study also found that 59% of manufactured households have no children, and the average size of manufactured home households is 2.7 persons. This counters the belief of some zoning and local planning commissions that manufactured home owners have more children and therefore, will add to school crowding. This unfounded assertion has led to the disallowing of manufactured housing in some urban communities. However, over the last few years most states have passed regulations making it illegal to discriminate against mobile homes or manufactured homes.
The bottom line is that the “affordability factor” of manufactured housing gives many families the chance to join the ranks of homeowners for the first time and therefore, increase the overall homeownership rate in the community. That translates into more tax revenue and economic vitality for local governments.
Families have been the “heart and soul” of the mobile home industry for over 50 years. Today’s manufactured home is built as well or better than a site built home. The savings in energy costs, fire safety, storm safety, and the ability to build a home to match a family’s wants and needs continues to be a smart and affordable alternative to the site built house for families of any size.
In recent years the manufactured home has become the home of choice of single adults new to the job market and newly single dads and moms starting over.
In conclusion, it can be said that manufactured homes has something for everyone and is truly the realization of the American Dream of Homeownership.