Tiny Manufactured Homes and Their Appeal to Millennials

Friday, 21 December 2018

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Millennials have faced an uphill battle when it comes to homeownership. With banking restrictions severely limiting their access to traditional lenders, and limited job wage growth, Millennials have been forced to redefine the American Dream to fit the realities of today. As a result, manufactured homes are just one part of the solution that is helping Millennials attain homeownership and all the benefits that come along with it.


Cost

Perhaps the biggest factor at play in the move toward manufactured homes is the cost of the homes themselves. Millennials are able to find both new and refurbished manufactured homes available in just about any price point. Small one and two bedroom homes can go for as low as $40,000, and even extra large four-bedroom homes can come in under $100,000. By contrast, it is difficult to find even a small house below the $150,000 mark in many cities across America.


Eco-Conscious

Millennials also tend to be more concerned about issues like global warming and resource shortages. Manufactured homes represent an eco-friendly means of building new homes while minimizing waste. Since the houses are built using a template and a factory setting, there is less waste during the building process, and the finished home is more environmentally friendly overall. In fact, many manufactured homes actually go through the Energy Star certification process, ensuring that they exceed standards for heat loss, energy usage, and more.


Flexibility

If there's one thing that Millennials really need, it is flexibility. This is the first generation that has largely had the opportunity to work from home, meaning they need dedicated office space. Likewise, this generation is less likely to want or need an oversized garage to house their new cars in. Cultural shifts in the way Millennials work and play will have a big impact on the type of houses they want and need. In fact, many Millennials are rebelling against the idea of huge houses altogether, opting for tiny houses with less clutter. Manufactured homes offer the possibility to completely customize your home design to meet your needs without the extreme costs of having a custom home built by a traditional contractor. It's as easy as picking a design out of a catalog and configuring it in an app these days.


Low Maintenance

Manufactured homes are built to meet a special set of HUD guidelines that ensure both the safety and functionality of the home once it is placed on land. However, these homes must also be built to withstand the stresses of being moved on a trailer to reach their first destination. Due to the unique set of circumstances surrounding the building and placement of these tiny homes, they must be exceptionally durable at the outset. Millennials seem to prefer tiny manufactured homes for this very reason. With increased durability come fewer repairs and maintenance calls. In addition, this is the first generation to have online resources to guide them in DIY projects. When it comes to manufactured homes, most of the major systems are easily accessible from under or outside the house thanks to the factory building process. Millennials are more likely to take repairs into their own hands with little more than a YouTube video to guide them because they don't want the expense of calling a professional.


These are just four of the reasons that tiny manufactured homes are striking a chord among Millennials and gaining favor. With more flexibility in their lives and strong ideas about practicing minimalism and eco-friendliness, Millennials need a housing solution to match. Tiny manufactured homes are just the right fit to fill the need and offer affordable options when few other choices are within reach.

Tagged under: Home financing, Financing Information

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