Why Senior Retirees Choose Manufactured Homes
Manufactured homes continue to remain the number one housing option for seniors retiring from the workforce. In fact, the greater portion of households that live in manufactured homes is headed by retirees (32%) than site-built homes (24%), per CFPB Analysis of Consumer Finances Survey. Seniors are perhaps the biggest advocates of manufactured home ownership and tend to be very involved in encouraging other seniors and friends to join in the lifestyle.
The National Association of Realtors confirmed in an extensive study of prospective homebuyers that seniors and “baby boomers” are looking to downsize to homes with less than 1900 square feet of living space.
There are many reasons that manufactured homes remain the housing choice for senior retirees. Many healthy retirement age, low and middle-income workers are living longer, and in many instances are delaying retirement plans as a result of a lack of funds available to maintain a comfortable retirement for an extended period of life. Recent studies have found that 40% of Americans risk going broke during retirement, and compounding the matter about one-half have less than $1,000 in savings.
For a retired individual, health costs are not going to be the most expensive cost. That title goes toward housing. For a growing number of seniors, the remedy will be found with today’s modern well-built manufactured housing, with an average sales price of $88,200 as per the August 2020 U.S Census Bureau Survey, offering a solution for seniors to downsize, not downgrade.
Top 5 Reasons That Seniors Turn To Manufactured Housing In Their Retirement Years
- Acquisition cost will be up to 50% less than a comparable size-built home with quality construction features, stringent fire, and wind safety requirements, state-of-the-art amenities and features at least equal, and often superior to a newly constructed custom-built site-built home.
- Reduced utility costs: An energy-efficient manufactured home means smaller energy consumption.
- Lower maintenance costs: New manufactured homes are warranted by the manufacturer against defects and materials for a minimum of one year. Manufactured homes are the only single-family housing in the United States subject to a federal building code (HUD Code), which also mandates the warranty provisions.
- Reduced or no property taxes: A manufactured home not permanently attached to real property will be taxed in most states as personal property. Manufactured home purchasers also have the option of placing and attaching the home onto owned private property, thus qualifying for financing under the same conditions as a site-built home. In other words, a manufactured home attached to real property is considered real estate in every respect.
- Manufactured homes can be customized to meet the requirements, wants, and needs of the home purchaser, including upgraded energy-saving appliances, cathedral ceilings, fully integrated covered porches, luxury baths, and much more. Some manufacturers can customize manufactured homes for those with mobility issues.