Manufactured Homes an Affordable Option for Millennials

Marketwired

OKEMOS, MI--(Marketwired - Jul 1, 2014) - Since the beginning of 2013, the Michigan economy and housing market continue to improve, but lenders are also reporting an increase in buyers in their 20s and 30s. This "Millennial" generation now comprises 31 percent of home buyers ... with the largest share of first-time home buyers at 76 percent, according to the Michigan Association of Realtors. This statistic appears to be accurate for the manufactured segment of the home industry as well. 

"We are definitely seeing an increase in manufactured home buyers in their 20s to 30s. Most of the time, they have young children and they are looking for homes with 3 bedrooms and 2 baths," said Sharon Crowe of Parkhurst Homes in Oxford, Mich. 

"We're noticing that first-time buyers are getting younger and younger," commented Andy Blank of Franklin Homes in Belleville, Mich. Many are choosing to live in a manufactured home in a community, which offers additional benefits. "A community can be a great place for a young first time buyer. It allows them to have a place of their own while still having all the amenities that can't be found in most site-built homes, such as a pool, clubhouse and planned activities," added Blank. 

Factory-constructed manufactured homes share many of the same features as homes built on site, but cost 10 to 35 percent less per square foot, making it an affordable option, especially for first-time buyers, according to the Michigan Manufactured Housing Association (MMHA).

  • With an average sales price of $31,696, loan payments for a manufactured home may be more affordable than renting an apartment.
  • Buyers choose the floor plan, and add options like vaulted ceilings, walk-in closets, fireplaces, name-brand appliances and more. 
  • Each home is engineered and inspected to meet high energy efficiency requirements.
  • Buyers can move in as little as one week for an in-stock model up to a couple months for a custom home.

MMHA provides homebuyers with the tools for purchasing a system-built home.

Go to www.michhome.org to search for homes for communities, homes for private land, and much more! Michigan Manufactured Housing Association, 2222 Association Drive, Okemos, MI 48864; 517.349.3300.

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