Frequently Asked Questions About Manufactured Homes
If you’ve been considering living in a manufactured home and are just starting to do some research on them, you probably have a lot of questions. You know they’re an affordable type of housing, but how much does an average manufactured home cost? Do most people rent or own their manufactured homes? Do most people like living in their manufactured homes? We’ve got answers to some of those questions!
What is the Average Cost of a Manufactured Home?
Manufactured housing has a reputation for being an extremely affordable type of manufactured housing, but just how affordable is it? As of 2013, the average cost of a new manufactured home was just $64,000 for an average size of 1,470 square feet (excluding the cost of land) while the average cost of a new site-built home was $249,429 ($324,500 if you count the average price of land) with an average size of 2,662 square feet. That breaks down to an average cost of $43.54 per square foot for a manufactured home or $93.70 per square foot of a site-built home.
However,it’s important to remember that just like any other type of home, the price of a manufactured home can vary depending on several factors like the size of the home, location, and if you’re having a brand new one built with customizations. If you’re buying a previously owned manufactured home, you can find plenty of excellent options available to you for less than the average cost of $64,000. They can also be more spacious than 1,470 square feet, too. In HomeFirst™ manufactured housing communities, you’ll find manufactured homes that are up to 2,300 square feet that are still significantly less expensive than the price of a site-built home of comparable size.
How Many People Own Their Manufactured Homes Vs. Those Who Rent?
Whether you should rent or own your home is one of the most important questions to decide on when you’re trying to find a new home and which option is best for you depends on a lot of different factors. HomeFirst™ has manufactured homes available to rent and own in our communities. According to the 2012 Foremost Insurance report, 68% of respondents said they own their manufactured home while 24% said they rent. Among those who rent, 33% were 18-29 years old and 21% were 30-39 years old.
Are Manufactured Homes a Good Long-Term Housing Option?
Absolutely! More and more people are seeing manufactured homes as a place they’d like to stay for the long term. In a 2012 report compiled by Foremost Insurance Group, a remarkable 40% of people who own their manufactured homes said they don’t anticipate ever selling their home! And among respondents who said they do plan on moving, 21% said they expected their next home to be a double manufactured home and 10% said they were considering a single manufactured home for their next home. Only 7% of respondents said they were planning to move into an apartment next and the number of people who said they wanted a site-built home for their next home dropped 12% between 2012 and 2008.
Whether you choose to rent or own, HomeFirst™ has homes for you! We have manufactured homes available to rent or own in our many communities located in some of Michigan’s most ideal locations. Our communities also feature 24-hour on-site maintenance and resort-like amenities such as swimming pools, fitness centers, athletic courts, playgrounds, community clubhouses, and more. Interested in seeing a home in one of our communities? Contact us! We’ll help you make an appointment to come see a home or learn more about one of our communities.