The housing market hasn’t been kind to young, new-home buyers for more than a decade.
At this point, housing is the largest part of family expenses, while health care costs continue to climb. Any money that’s saved on food, clothing, and transportation has been offset by both mortgage and rent.
New homes aren’t being built at the same rate as in the past, and limited inventory of single-family homes means higher prices. Apartment construction has slowed down, and disinterested real estate investors have turned to developing high-rent space in many cities, meaning that fewer apartment buildings are available. If you can’t purchase housing or rent a home or apartment because of the expense, where do you turn?
Manufactured Homes Put Buyers in Control of Their Housing Budget
Potential buyers have the option of purchasing a manufactured home in an area with great school districts, plenty of shopping, entertainment and outdoor recreation, and in close proximity to cities where jobs are plentiful.
· Affordable Housing for Everyone. Three-bedroom, two-bathroom manufactured homes, regardless of where they are located, are about 50-60% less than comparable homes in the same area. Also, many communities use a land-lease structure to keep payments even lower. Instead of paying for the property that the home is on, homeowners instead simply rent the land for a low price.
· Low-Down Payment. Financing for manufactured homes is usually prepared through government-backed loans programs like Fannie Mae or Freddie Mac. Since the price of these homes is so reasonable, the down payment is also low. You don’t have to worry about a sky-high payment requirement when you purchase your manufactured home.
· Sought-After Regions, Large Homes. Most Americans move to the suburbs and choose to do so because they love being somewhat close to an urban area while living in a less expensive region. Most manufactured home communities are located near cities that provide good jobs, entertainment, shopping, and special events, but the setting is low-key and tranquil.
UMH Manufactured Homes
It is possible to buy a home without your mortgage payment squeezing half of your budget. Manufactured homes offer homeowners the same benefits as site-built homes, but without the financial issues that today’s real estate industry has produced.
UMH properties owns more than 100 manufactured home communities in seven states throughout the northeastern United States. If you are looking for spacious, affordable homes in great areas, visit our website today at www.umh.com.