Manufactured Homes and Millennials
As the economy continues to recover from the recession, more and more people are starting to buy homes again. Now that Millennials (people born between 1980 and 2000) are starting to have increased spending power, they now represent the vast majority of first time homebuyers. But instead of automatically gravitating toward the traditional site-built homes their parents likely had for their first homes, an increasing number of Millennials are seeing the benefits of manufactured housing.
Unlike older generations, Millennial homebuyers are tending to be less concerned about the size of their home and are more concerned about things like value and practicality. 77% of 18-35 year olds say they would prefer a practical home over a luxurious home. After all, many Millennials watched their parents struggle to make house payments during the recession and don’t want the same thing to happen to them. They also might already have a lot of student loan debt to worry about and don’t want to overextend themselves financially. There’s absolutely nothing wrong with not wanting to take on huge amounts of debt!
The great thing about living in a HomeFirst™ manufactured housing community is you never have to choose between practicality and luxury; you can easily have both! If you buy a new home, it will come with modern, stylish decor like marble countertops, kitchen islands, and nice flooring. Residents in our communities can also take advantage of fun amenities like swimming pools, fitness centers, athletic courts, and more, which just might not be affordable if they were to live in a stick-built home.
Millennial home buyers also tend to be interested in homes that can adapt to their lifestyles. If you were to buy a new manufactured home, you’d have a wide variety of floorplans to choose from and you’d have the chance to customize it with things like vaulted ceilings, fireplaces, decks, and carports.
Millennial homebuyers are also more likely to be concerned with energy efficiency. Modern manufactured homes are a model of efficiency. Since manufactured homes are built in large sections at a time, fewer gaps are created so there aren’t as many places for heat or cool air to escape through. Many manufactured homes come outfitted with Energy Star appliances, so not only will you save a lot of money on the overall cost of your home, you’ll save even more money by keeping your energy bills down.
In many cases, Millennials are attracted to manufactured housing because they want a place they can truly call their own or because apartment living just isn’t practical for them. They like the idea of being able to decorate their home the way they want or don’t want to be told they can’t bring their dog. Living in a manufactured home gives them the kind of freedom they crave. And with more and more Millennials becoming parents, they need more space than an apartment will give them. Even if they can find an apartment that’s large enough for their needs, it very likely might be out of their price range. But, on the other hand, they could easily find a manufactured home that’s not only the size they want, but much more affordable.
Are you a young, first-time homebuyer interested in manufactured housing? Our HomeFirst™ manufactured housing communities have plenty of luxurious, yet affordable, manufactured homes to choose from. Our communities can be found near some of Michigan’s most desirable areas, so you won’t be far from some of Michigan’s most exciting cities. Feel free to contact us if you have any questions, we’d be happy to help you through the homebuying process!