Why Manufactured Homes Are the Perfect Choice for Millennials
Like many people, the Millennial generation, those born between 1980 – 2000, list “owning a home” as one of their goals for the future. In past decade, however, housing prices have skyrocketed in many areas, and Millennials have a particularly hard time saving enough money to buy a home for many reasons:
- Many cities now have outpriced potential homeowners. Prices for three-bedroom homes in some larger cities top $400,000. Even if you are taking out an FHA loan, which may require just 4% of a down payment, that’s still $16,000—a large sum for a younger population group that hasn’t had time to build a salary that often comes with years of experience.
- Healthcare costs are increasing quickly. While insurance premiums go up, the cost of affordable healthcare ticks upward, and wages are not increasing at anywhere near the same rate.
- Student loan payments are spiraling out of control. College graduates are finishing their time at school with both a diploma and as much as $80,000-100,000 in debt. Once they begin the repayment process, there is little money left over to afford their dreams of home ownership.
With so much pressure to get a good job that will pay all of the bills, many people in their 20s and 30s can now turn to manufactured housing as an affordable solution to home ownership.
Manufactured Homes Offer Affordable Choices in Desirable Areas
Manufactured home communities give people the opportunity to buy an affordable home – often less than 60% less than homes in the same area – that’s also in a great location.
If you’re looking for a wonderful location—where you grew up, where the jobs are, where you love spending your recreational time—then manufactured home communities are a great option. These neighborhoods are often near cities, but still within the suburbs, so they are close to main roads, there’s plenty to do nearby, and you’re close to work.
Maybe your home choice hinges on affordability. If you want to buy a home in Pittsburgh, for example, housing can average above $250,000 in many surrounding towns. In the UMH community of Cranberry Village, however, a 1,450 sq. ft. home with three bedrooms and two bathrooms is less than $79,900 plus taxes and fees. It’s also in a bustling suburban center that’s surrounded by shopping, dining, and entertainment—and just 20 minutes to downtown Pittsburgh.
Why Wait to Buy a Home?
Manufactured home communities are often land lease properties. Owners buy the home and then lease the land the home is on, which will keep your housing costs down even more.
If you’re concerned as a Millennial that the housing market will force you to choose between furthering your education, starting a family, or buying a beautiful home, your solution is with UMH manufactured communities. UMH Properties owns 100 manufactured home communities throughout seven states in the United States. There are many options for a three-bedroom, two bathroom home that provide comfort and affordability. Call or contact us to learn more.