Manufactured Housing Community Near Me - Written by Jeff Ostrowski Written by Jeff OstrowskiArrow Senior Mortgage Reporter Jeff Ostrowski covers mortgages and the real estate market. Before joining in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Connect with Jeff Ostrowski on Twitter Twitter Connect with Jeff Ostrowski on LinkedIn Linkedin Jeff Ostrowski
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Manufactured Housing Community Near Me
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What Happens When Investment Firms Acquire Trailer Parks
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New Evidence Shows Manufactured Homes Appreciate As Well As Site Built Homes
When Moraima and Roland Duran were researching what type of home to build on their three-acre lot north of Austin, Texas, the couple were pleasantly surprised by the variety of options offered by the new generation of manufactured homes.
For a time, the Durans lived in a small trailer on their lot. They found today's original options even more interesting: The couple could customize the 2-meter, 100-square-foot model to include a fireplace, a room for their dog, and front and back porches.
Because their manufactured home met the same building standards as a site-built home, they were able to finance the purchase with a Federal Housing Administration mortgage.
Amid a historic housing boom that is pushing homeownership away from many Americans, manufactured homes offer a modest solution to declining affordability. Manufacturers of manufactured homes have stepped up their game in recent years, and mortgage giants Fannie Mae and Freddie Mac have responded by backing mortgages on high-end homes.
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"When you look at the quality of our construction, some people think we're talking about a granny trailer, and that's not what we're building today," says Leslie Gooch, executive director of the Manufactured Housing Institute, a manufacturing trade group. .
Manufactured homes aren't a panacea for the housing shortage - many municipalities don't allow manufactured homes, financing can be difficult, and consumer attitudes toward old flatbed trailers die hard. But manufactured housing advocates say this type of property offers at least some relief from the nationwide housing shortage.
The Durans purchased a model from Clayton Homes that started with a base price of $198,000. After adding options, the price rose to $300,000.
However, manufactured homes are cheaper than building on a construction site. The average price per square foot for manufactured homes in 2021 was $57 per square foot, below the average of $119 for traditional homes (a figure that does not include land costs), according to the Institute for Manufactured Homes.
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The savings come because, compared to painstakingly building a house on empty land, it is more efficient to build a house in a factory and then quickly assemble it on site. Traditional houses are built from the ground up by teams of subcontractors, and the work takes months.
Manufactured homes, in contrast, are built in factories, then trucked to the homeowner's location and assembled in hours. A faster process reduces costs by increasing efficiency and speeding up construction times.
Jenny Schuetz, a fellow at the Metropolitan Policy Initiative in Brookings, writes Jenny Schuetz, a fellow at the Metropolitan Policy Initiative in Brookings, "Manufactured homes are more cost-effective than traditional log homes where land costs are low. book, Fixer-Upper: How to Fix the Broken housing systems in America: "This can be particularly useful in rural areas or cities with a large number of vacant lots, such as Detroit or Baltimore."
The price of land is important because the price of land is probably the main factor driving the difference in house prices. The median price of a single-family home in San Jose, California was $1.65 million in the third quarter of 2021, according to the National Association of Realtors. In St. Louis, the median home price was $235,700. It doesn't cost $1.4 million more to build a house in San Jose; is that land more expensive. So, manufactured homes are unlikely to affect affordability in more expensive markets.
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Despite the cost advantages, manufactured homes remain an overlooked and unloved corner of the housing market. More than 21 million Americans live in manufactured homes, the Manufactured Housing Institute estimates, but the type of property remains misunderstood.
"One of the challenges we have is the stigma that surrounds our homes," says Gooch. "When people hear manufactured home, they think mobile home. They think trailer. They don't think about the type of homes we're building today. We have to overcome that perception that people have."
Those negative feelings are deeply rooted. Many consumers, real estate agents, lenders, appraisers and economists associate manufactured housing, to one degree or another, with low-cost real estate in unfavorable locations, driving depreciation rather than appreciation.
Safety concerns are another issue - the Durans long-term trailer burned down in 1990. And the first generations of mobile homes didn't have the weather resistance of today's rugged models.
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In a recent flurry of attention, the lack of affordability has refocused attention on factory-built homes. Gooch, head of the Manufactured Homes Institute, addressed members of the National Association of Realtors, the nation's largest trade group, in a webinar.
And the Lincoln Institute for Land Policy in January called on Fannie and Freddie to finance more manufactured housing as a way to help more Americans afford housing. The proposal came in part because manufacturers of manufactured homes are creating high-quality products, says Jim Gray, a senior fellow at the Lincoln Institute.
"Over the past few years, the industry has moved toward building homes that are indistinguishable from site-built homes," says Gray.
It is almost impossible to get a traditional mortgage on an old style mobile home. That's because most homes are on lots that residents rent, not own. Mortgages are generally not available in that situation, leaving homeowners to take out "assets" instead of traditional home loans.
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However, a new generation of manufactured homes - known in the industry as "CrossMod" homes - are eligible for conventional mortgages. This is because they are newer houses
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