Advantages of Buying or Renting a Manufactured Home Vs. Renting a House or Apartment
Are you considering multiple different housing options? Take a look at these advantages of buying or renting a manufactured home versus renting an apartment or house to get a better feel for why you might want to consider investing in a manufactured home.
Despite a pandemic and it being a buyer’s market, real estate company Zillow says that housing costs are rising. With many people out of jobs or furloughed and dealing with salary cuts, it’s also worth noting that housing costs are rising much faster than incomes for the majority. As a result, people are at risk of facing financial struggles while juggling childcare costs, job opportunities and concerns about schools and safety.
Even Zillow points out in its report that many people are overlooking a key consideration that is both reliable and easier on the wallet than other options: manufactured homes.
A manufactured home is a viable option for both experienced or first-time home buyers. According to the Manufactured Housing Institute, about 22 million people currently live in manufactured housing. They have an average median income of $30,000, while the ages of residents span all generations with 18-29-year-olds at 23 percent, 30-39 and 40-49-year-olds each at 18 percent, 50-59-year-olds at 22 percent and 60+ at 19 percent.
If you currently rent a house or apartment, read below to learn more about how buying or renting a manufactured home could be a better option, especially as it relates to streamlining your path to homeownership.
Advantages of Manufactured Homes
Quality and Safety
Manufactured homes are built inside a facility, where environmental factors don’t impact build time or materials. Such a controlled setting means uniformity in the building process, which translates to quality control. In addition, manufactured homes require a third-party inspection before they leave the facility.
‘Good enough’ doesn’t cut it when it comes to a manufactured home, and the retailers at the Alabama Manufactured Housing Association ensure that quality and accountability are taken into consideration at every step of the building process.
A quality-built home means safety, too. That’s why manufactured home builders and retailers adhere to the latest in building technology and standards. This means that manufactured homes can often withstand high winds due to advanced anchoring systems and perform as well as standard homes in these types of events. Oftentimes, your standard home or apartment doesn’t undergo such an extensive inspection or safety process.
Cost of Living
More people are renting homes now than in the past 50 years, and some people are selling homes to move into a rental place. Not all of these renters are doing so by choice, but due to financial hardship. However, a smart investment in a manufactured home can save you more in the long run. And renting a manufactured home is often more affordable than renting an apartment or site-built home.
Manufactured homes cost way less per square foot than a site-built home, according to MHI. The median rent in the U.S. for a one-bedroom apartment is $1,234.43 whereas the average price to rent a manufactured home is $500.
If you’re at a stage where you’re comparing renting against owning your own place, a manufactured home could be your smartest choice. If you choose to continue renting, opting to rent a manufactured home is still typically more affordable than renting an apartment or site-built home.
You might think that the upfront costs of buying, including a down payment and mortgage fees are out of reach. But remember, manufactured homes on average are less than half the cost to build compared to site-built homes. With a lower-priced home comes a lower down payment and fewer fees, with efficiency being the main reason behind the lower costs.
Customization Options
Just because a manufactured home comes from a facility doesn’t mean it cannot be customized to match a homeowner’s lifestyle and personality. Unlike renting, manufactured homeowners don’t have to forego painting rooms and adding desired features. Just like with standard homes, buyers of manufactured homes get the opportunity to choose finishes and upgrades that will make their manufactured home truly theirs.
Value Over Time
Another misconception about manufactured homes is that they depreciate or appreciate very little. But in fact, manufactured homes appreciate at similar rates to their site-built counterparts.
The manufactured housing industry wouldn’t be booming if the homes were of lesser quality. In fact, the construction of manufactured homes — as previously mentioned — has to be even sturdier than that of traditional homes because they must be able to withstand transportation from the production site to the building site. The tradesmen who build manufactured homes use tools that increase durability and are not used in on-site construction. Quality equals long term value.
A manufactured home can be the answer to your dreams of homeownership. For those who want to continue renting a home, manufactured homes are a more affordable option than many apartments and site-built rental properties.
As with any major purchase, the decision must depend on a homeowner’s individual needs and circumstances. When you weigh the pros and cons of a manufactured home, the value becomes apparent.
Want to know more before making that leap of faith? Browse the resources on the AMHA website and when you’re ready, find a retailer near you.
