There may be no better time to invest your hard-earned money into a new home than in 2020. The economy continues to grow, the country currently has more job openings than people to fill them, and that invites a sense of security. Homebuyers also have more living space options than ever before, and quality manufactured homes rank high among them.
In order to make an informed decision about your next home purchase, it’s essential to answer a straightforward question. What does it mean to live in a manufactured home? By looking at the differences between manufactured homes, apartments, condos, and site-built structures, the decision is clear.
How Is Living In A Manufactured Home Different From An Apartment?
Living in a manufactured home has proven to be a cost-effective solution for those renting apartments. The inherent problem with renting even a nice space is that you are squandering valuable resources and paying down a landlord’s mortgage and expenses.
According to reports, the average cost of a one-bedroom apartment runs approximately $500 in rural settings, with three-bedroom rentals coming in at about $1,500 in more urban areas. Even a cursory glance at the cost of manufactured homes highlights the fact that renting is a poor use of financial resources.
In 2019, single-wide manufactured homes remained under $64,000 and double-wide units didn’t surpass $120,000. A 20-year mortgage on a $120,000 double-wide home would run approximately $725. That’s less than half of spending $1,500 per month on a three-bedroom apartment. And, a single-wide home loan could run as low as $361 per month. What does it mean to live in a manufactured home? It means investing your hard-earned salary into something you own with money left over.
How Is Living In A Manufactured Home Different From A Condo?
It’s not uncommon for people to favor the condo lifestyle because it promises luxury space and amenities. Naturally, condo buyers usually pay premium association fees for grounds maintenance, recreation centers, and common areas, among others. Although condos tend to be on the pricey side, condo owners tend to accept that as the cost of enjoying luxury. But manufactured home communities are outpacing condo associations on several fronts.
In terms of amenities, gated manufactured home communities now offer the same or better quality recreation areas, swimming pools, and common areas, among others. The significant difference is that even single wide mobile home floor plans are far more expensive than most condos. The argument that condos are more luxurious than other living spaces also falls short. Today’s manufactured homes are custom-built to include state-of-the-art technology, deep bathtubs, and any convenience a person could want. So, what does it mean to live in a manufactured home? It means having all the same perks as a condo, but with more space and a yard.
How Is Living In A Manufactured Home Different From A Site-Built Home?
One of the primary reasons that first-time buyers prefer manufactured homes to their site-built counterparts is cost. The average price of a new home runs more than $300,000 based on 2,000 square feet of living space. Site-built construction costs in 2020 are expected to hold steady at about $150 per square foot, although that could increase. Those standard measures beg the question of how manufactured homes compare.
If we look at various double wide mobile home floor plans, the cost differences are stunning. For example, a 2,000-square-foot Value 3264A double-wide offers four bedrooms, two baths, an open floor plan, and an eat-in kitchen. But rather than dole out $300,000, the model runs about a modest $106,000. That’s nearly one-third the cost of its site-built counterpart.
So dramatic is the difference between manufactured and site-built homes that a buyer could purchase a model such as the stylish triple-wide Santa Fe with 2,921 square feet of living space at just more than half the cost of a 2,000-square-foot site-built structure. What does it mean to live in a manufactured home? It means a lot more room for the family at less than half the cost.
The number of new manufactured home sales has increased year-over-year since the end of the recession. These homes can be purchased using government-backed mortgages and are routinely customized. There may be no better time to buy a new manufactured home than in 2020.