Perceptions about the quality of life in “mobile home parks,” a term rooted deeply in our culture, still drives baby boomers’ opinions of manufactured housing. In a recent poll, 45% of those surveyed said these homes are not a good long-term investment.
In the same poll, 60% of Gen Z adults and 61% of millennials said that housing options such as manufactured homes or accessory dwelling units (ADUs) are good long-term investments. To help make their homeownership easier, the Federal Government announced programs in 2022 like the Housing Supply Action Plan aimed at making the financing and development of manufactured homes easier.
With their options curtailed by inflation and high-interest rates, Gen Zs and Millennials are left with diminished choices when it comes to owning a home.
The big three choices for them comes down to Multistory condominiums, townhouses, and manufactured home communities. All three are good choices, but only one truly offers a single-family home experience.
Multistory
This type of home is usually found closer to the downtown areas of the city with public transportation and shopping nearby. So far, this is the first choice for many younger buyers and renters.
Townhouses
Usually located at the city’s edge, townhouses are usually built by tract builders, and many include park areas, walking paths, and even community centers. Built-in rows, they are becoming a good option for buyers and renters.
Manufactured Housing Communities
Newer manufactured communities feature the parks, walkways, and community centers like a townhouse community but have one thing neither the multistory or the townhouse can give the buyer, a single-family home.
While all three are being explored by Gen Z and Millennial buyers, it will all come down to what the buyer needs and which one best fits their needs.
Gary Fleisher, Contributing Editor
