Manufactured homes continue to remain the number one housing option for seniors retiring from the workforce. In fact, over 32% of people who live in manufactured homes are retirees rather than site-built homes which is closer to 24%), as per CFPB Analysis of Consumer Finances Survey.
Low and middle-income workers are living longer, and in many instances are delaying retirement plans as a result of the lack of funds available to maintain a comfortable retirement. Recent studies have found that 40% of Americans risk going broke during retirement and to compound, the matter about one-half of Americans have less than $1,000 in savings.
The average retired household spends around $45,000 per year, an amount that includes housing, transportation, food, entertainment, and healthcare.
For a retired individual, health care costs are not always going to be the most expensive cost. That award goes towards housing. However, a remedy may well be found with today’s modern, well built manufactured homes. With an average price of $68,000, according to the U.S. Census Bureau, manufactured homes offer a solution for seniors to downsize, not downgrade – and retirees are beginning to take notice.
Today’s modern manufactured homes are a very popular option for all income levels of retirees. Getting into one may allow you to land in great communities, built specifically for retired people, or would allow you to relocate to a private piece of land.
The following are the top 5 reasons why retired seniors prefer manufactured homes.
1) Acquisition cost will be up to 50% less than a site-built home with quality construction features, stringent fire, and windy safety requirements, as well as state of the art amenities such as chef style kitchen sinks and jacuzzi tubs. This can all be found in your Legacy home.
2) Manufactured homes can be customized and personalized to meet the requirements, wants, and needs of the home purchaser, including fully integrated covered porches, drywall interiors, upgraded appliances, high pitched ceilings, luxury baths, and special needs.
3) Reduced utility costs: An energy-efficient manufactured home means smaller energy consumption. In addition, most manufacturers offer ENERGY STAR, which assures additional savings.
4) 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 U.S. subject to a federal building code (HUD Code), which also mandates the warranty provisions.
5) Reduced or no property taxes: A manufactured home not legally attached to real property will be taxed, in most states, as personal property. The manufactured home purchaser also has the option of placing and attaching the home on 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.
In conclusion, manufactured homes offer a variety of benefits to senior buyers. From having their own private piece of land to being able to have a great community to stay in as well. Lastly, the costs and upkeep can not be matched with any stick-built home.