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New Research Shows Manufactured Home Owners Are Very Satisfied

By
Dr. Lesli Gooch
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MHI consumer research manufactured home owners survey satisfaction
The top five features that attract potential buyers to manufactured homes were affordability, energy efficiency, additional space, stand-alone homes, and outdoor space.

Affordability Key Reason to Consider Manufactured Housing

New MHI Leadership Financing for Manufactured Housing
MHI CEO Dr. Lesli Gooch

The Manufactured Housing Institute’s new consumer survey shows satisfaction among manufactured home owners is trending upward, as is an interest in manufactured housing from younger demographics and those considering a home purchase in the next 12 months. The research details the manufactured home features that respondents find important, among them quality, affordability, amenities, and stand-alone homes that offer outdoor access. Overall, industry innovation is being noted and recognized and presents an opportunity to continue to manufacture quality homes that are clearly in demand.

Trifecta Research Group’s Senior Vice President of Client Solutions Linda MacKenzie thought 2018’s MHI survey response with a 78 percent satisfaction rate reported by manufactured home residents who bought new homes would be tough to top.

Updated 2023 data revealed that 85 percent of manufactured homeowners who purchased a new home reported that they are “extremely” or “very” satisfied with their home, a 7-point increase from 2018. A strong majority of manufactured homeowners (72 percent) said that they are likely to recommend manufactured homes to others.

Today’s manufactured home residents are younger, more educated, and more likely to include children.

At recent MHI meetings in Houston and Las Vegas, MacKenzie provided attendees with an overview of the consumer survey research findings. This research revisited MHI’s consumer research from 2018, and expanded upon the original study to include not only those who live in manufactured homes and communities, but also those consumers considering purchasing a manufactured home.

Key findings from the presentation include:

  • Manufactured home residents have very positive impressions of their experiences. Overall, 81 percent of manufactured homeowners report a “very positive” or “positive” overall feeling about their home.
  • For residents of land-lease communities, 72 percent of those in 55+ communities are extremely/very satisfied with their community; for all-age communities, satisfaction is 56 percent.
  • 82 percent of residents living in a 55+ community are extremely/very likely to recommend living in a manufactured home; and 69 percent of residents in all-age communities are likely to recommend living in a manufactured home.

The demographics of manufactured home residents shifted slightly from the 2018 survey. Today’s manufactured home residents are younger, more educated, and more likely to include children.

People living in manufactured homes are not only very satisfied with their homes, 72 percent of those surveyed said they were likely or extremely likely to recommend manufactured home living to others.

Residents in Today’s Communities

The amenities in today’s land-lease communities drove the residents’ overall community satisfaction rate of 59 percent. Pools, parks and playgrounds are the most common community amenities. In response to the growing appeal of community living to families with children, some communities offer additional amenities focused on these youngest residents, including play centers and after school programming.

Although the cost of living in a land-lease community has increased since 2018, 53 percent of residents said the increase was similar than comparable options in their area. More land-lease communities now include utilities such as water/sewage (58 percent), garbage (46 percent) and electricity (34 percent).

The Considerers

The survey also included people planning to buy a home in the next 12 months who were open to considering buying manufactured homes. These “considerers” were somewhat younger, more likely to be single and had more modest household incomes than current manufactured home residents.

They reported currently living in stand-alone homes and apartment or condos in multi-unit buildings. They said they felt positive or very positive (82 percent) about living in a manufactured home. The top factors they mentioned that drove their consideration were affordability and the ability to own their own home. Four in 10 said that manufactured homes have newer features than other types of homes they can afford to buy.

The top five features that attracted considerers to manufactured housing were affordability (70 percent), energy efficiency (53 percent), additional space (49 percent), stand-alone homes (46 percent), and outdoor space (45 percent).

The Vital Need for Chattel Lending

By
Contributed Content
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Personal property loans chattel lending manufactured homes ray leech

Personal Property Loans Are Increasingly Viable, Yet No More Attainable

ray leech DTS duty to serve plans home finance fannie freddie

By Raymond Leech

As the spring selling season hits its high point the housing market continues to face challenges. Higher interest rates are slowing sales, which is the intent, of course. However, the continued lack of affordable housing amid talk of a recession may turn away buyers to a degree that our current housing infrastructure may barely be able to handle.

Still, the manufactured housing industry may be a bright spot in the market.

Affordable housing is a critical issue because the country is millions of units short of demand. This being the case, there is growing consensus that business may expand compared to site-built homes.

Currently, the percentage of manufactured homes to site-built housing is about 11 percent. But there is some thought that percentage could increase this year, one driver being that the interest rates for chattel lending — a personal property loan often used for manufactured homes — is within two points of conventional mortgage rates, making the factory-built homes more competitive in the marketplace.  In past years, the spread has been double that, or more.

Regarding the supply of manufactured homes, there is also good news. Industry experts say that the previous backlog has been drastically reduced in nearly every market. HUD Code homes can be purchased and delivered in a few months.

Barriers To More Business

Hurdles remain when it comes to expanding growth for manufactured home units.

Tim Williams, the CEO of 21st Mortgage, said the biggest barrier of all to more manufactured home business is zoning issues. He noted that in Knoxville, Tenn., the home to his firm and Clayton Homes, local zoning laws prevent a manufactured housing unit from being set in the city. But, as Tim notes, it is a complicated issue.

But suppose someone had their home on a three-acre property and wanted to place a manufactured home on the property for their elderly parents to reside in. This scenario raises issues in the eyes of a lender. First, the home would be considered an investment property, and it is not attached to the real estate. To finance this unit requires a personal property or chattel loan. There are some lenders that may approve this transaction, but not many.  And right now, there is no secondary market for chattel loans.

Status of Chattel Financing

There may be changes to the chattel loan situation within a few years. Freddie Mac is exploring purchasing chattel loans as part of the Duty To Serve goals, updated last year. In the plan, Freddie Mac committed to purchasing from 1,500 to 2,500 chattel loans in 2024. They plan to complete a feasibility assessment of the requirements and processes needed to support chattel loan purchase, including underwriting, pricing, consumer protection, valuation and risk management. The big challenges they noted are a lack of lender standardization, no standard underwriting practices, and no consistent approach to assessing property values.

Accessory Dwelling Units and MH

In some areas of the country, especially California where there is a huge shortage of affordable housing, some jurisdictions are permitting accessory dwelling units or ADUs on a property. These are small independent living spaces that can be part of the home structure, for example, a mother-in-law suite over a garage, or independent of the main structure, such a small cottage on the property.  Since these are attached to the property, they can be financed through a cash out refinance with funds used to build the unit and tying it to the owner-occupied property.

The good news for MH is that Freddie Mac will purchase a mortgage secured by a 1-, 2- or 3-unit property that has a manufactured home ADU that meets the Guide requirements for both the manufactured home and the ADU.  So, in some areas of the country, there may be an opportunity for MH business in these situations.

As noted, 2023 could be a turbulent year in the housing industry. But there are hopeful signs that MH will continue to grow and make progress in addressing the affordable housing crisis in our country.

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the largest marketplace for manufactured homes.

MHVillage Launches Appointment Scheduling Feature for Manufactured Housing

By
Patrick Revere
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manufactured mobile home sales appointment scheduler mhvillage tech
The new appointment scheduler for home sales is available for use now on MHVillage, the leading place to buy, rent, or sell mobile and manufactured homes.

MHVillage today launched its all-new appointment scheduling feature for manufactured home sellers, community owners, and service providers, enabling buyers to request appointments directly with sellers. 

This new feature is available beginning today on all home listings, community profiles, and service listing pages. 

“We’re constantly looking for new ways to innovate MHVillage and deliver new, exclusive experiences for our customers,” MHVillage Co-President and Chief Business Development Officer Darren Krolewski said. “This new tool will not only give buyers a new way to engage with the seller directly, but gives sellers the power to engage with high-conversion leads and ultimately close more deals.”

Once a buyer has requested an appointment using the new tool, the seller can message the buyer directly to confirm the appointment or propose an alternate time. Sellers can access their leads from this feature through their MHVillage Account Dashboard. 

This new tool also gives sellers the power to set their own schedule to more efficiently manage time, with options available to black out or expand availability during certain times of the day or week.

MHVillage first announced the feature at MHI’s Congress and Expo on April 19 along with a live demonstration for attendees. With the introduction of this new feature, MHVillage is the first and only website exclusively for buying and selling manufactured homes that offers an appointment schedule feature.

“This is something that we’ve been working on for months,” MHVillage Vice President of Customer Experience Dawn Highhouse said. “Giving buyers a brand new way to request an appointment to tour a home is just another way for us to give them even more tools to explore manufactured homes in 2023 and beyond.”


Visit MHVillage to see the new feature in action.

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the premier marketplace for manufactured homes.

Clayton to Build All Residential Manufactured Homes to DOE Zero Energy Ready Home™ Specs

By
Patrick Revere
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Clayton Homes Sustainable Factory DOE Zero Energy Ready homes ceiling insulation
At the 2023 Berkshire Hathaway Shareholders Meeting, Clayton is showcasing a home built to the DOE Zero Energy Ready Home specifications.

Clayton, the largest builder in the manufactured housing industry, is moving toward constructing all new residential manufactured homes to meet the Department of Energy’s Zero Energy Ready Home specifications by Jan. 1.

These solar-ready homes, available to order in July 2023, will include enhanced energy efficiency features that significantly reduce energy costs for homeowners. Leadership at Clayton also said the effort furthers the company’s commitment to broader sustainability goals.

“We are driven to make energy efficient homes an attainable option for home buyers across the country,” Clayton CEO Kevin Clayton said. “Energy efficiency is crucial for lowering monthly utility costs and maintaining long-term affordability.”

DOE Zero Energy Ready Homes are built inside a DOE-certified building facility. They are designed with energy-efficient features that can offset up to 100 percent of the home’s energy use when combined with a renewable energy system, such as solar panels. Every DOE Zero Energy Ready Home must meet rigorous efficiency requirements, making it less costly for homeowners if they choose to add solar.

All Clayton DOE Zero Energy Ready Homes will be equipped with enhanced energy-efficient features including:

  • Rheem ® hybrid heat pump water heater
  • Low-E windows with argon gas
  • SmartComfort ® by Carrier high-efficiency heat pump or gas furnace
  • ENERGY STAR ® certified appliances
  • LED lighting throughout
  • An ecobee ® smart thermostat,
  • and additional insulation.

To deliver additional value to the consumer, Clayton is reinvesting the credits received for building the certified homes to offset the cost of materials, the company stated.

Clayton plans to have 39 manufactured home building facilities throughout the U.S. DOE certified and building homes to DOE Zero Energy Ready Home specifications.

The milestone toward net zero energy is the latest in Clayton’s sustainability efforts.

In 2014, Clayton began working toward ISO® 14001:2015, the gold standard of environmental management systems, across all of its home building and supply facilities. Clayton said the program has resulted in a significant reduction of waste in operations through improved resource management and landfill diversion efforts. Last year alone, Clayton diverted more than 100 million pounds of waste from landfills through recycling efforts at their home building and supply facilities.

Clayton’s national sustainability efforts also include reducing emissions through practices such as fleet modernization and increased investment in solar power at its home office and building facilities near Knoxville. In addition, Clayton, in partnership with the Arbor Day Foundation ®, is committed to planting 4.47 million native trees by 2025 to help restore vital forest ecosystems across the country.

The company was founded in 1956 and today is one of the largest builders in the country, offering manufactured homes — including CrossMod ® homes, — modular homes, apartments, site-built homes, tiny homes, college dormitories, and military barracks.

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the largest marketplace to buy, sell, or rent a mobile or manufactured home.

All Eyes on the Federal Reserve Amid Bank Failures, Inflation

By
Patrick Revere
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federal reserve board hike interest rates again
Fed Chairman Jerome Powell takes questions from the media following committee meetings and his press statement.

The Federal Reserve meeting for concludes May 3 with another rate hike, up 0.25 points, as many analysts and market watchers anticipated.

The central banks are keeping an eye on inflation, which has come down from a peak of 9 percent to about 4 percent. Still, there is concern about a recession.

Fed Chairman Jerome Powell said in his post-meeting press conference that the financial sector is “broadly improved” from early March, and that “It will take time for monetary restraint to be realized.”

“We at the Fed will do everything we can to achieve our workforce and monetary goals,” he said.

The Fed’s goal in raising rates is to pinch spending, slow the infusion of cash in the economy, and create what they term a “soft landing” with inflation down to an ideal 2 percent, avoiding recession. Some analysts had anticipated a stay in interest rates, which tops 5 percent with the latest move, given the recent collapse of three major lending institutions.

Silicon Valley Bank was rescued from failure by the FDIC on March 10, and New York regulators stepped in on Signature Bank two days later. The most recent failure, of First Republic Bank in late April, resulted in its sale to JP Morgan Chase.

“Our government invited us and others to step up, and we did,” JPMorgan Chase CEO Jamie Dimon said in a statement. “This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”

More regional bank stocks took a hit in early week trading, including PacWest Bancorp and Western Alliance Bancorp. Both institutions were halted for brief times amid volatile conditions, but have rebounded well in anticipation of the Fed’s move.

The FOMC in a statement following the meeting, noted “In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans.”

The impact of increased borrowing costs is becoming evident. In March, the unemployment rate in the United States was 3.5 percent. However, new data released on May 2 shows that job openings that month fell to their lowest level since May 2021, and layoffs rose to the highest level since December 2020 by nearly 250,000 to reach 1.8 million.

Add to that the ongoing debt ceiling negotiations between the White House, Congress, and policymakers, which surely is a matter on the minds of the central banks. Powell said there was discussion about the debt ceiling during FOCM meetings, with the realization that the Fed runs independently of administration and lawmakers and has no impact on any outcome on the Capitol.

First Trust Advisors Chief Economist Brian Wesbury said, in part, in a newsletter to subscribers “We think inflation will remain more elevated than the Fed projects and that the Fed will likely raise rates at least one more time this cycle. In addition, we believe the process for starting rate cuts is further off than the futures market suggests. Chairman Powell himself, at the post-meeting press conference, poured cold water on the prospects of rate cuts, assuming the economy develops as the Fed expects.”

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the top marketplace for mobile and manufactured homes.

JLT Market Reports for Florida Manufactured Home Communities Available Now

By
Patrick Revere
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encore resort els mhc kissimmee fla market reports jlt tropical palms
Tropical Palms, a Kissimmee, Fla., manufactured home community under the Encore brand from ELS.

Datacomp has published the May 2023 JLT Market Reports for the state of Florida, the largest market area for manufactured homes in the United States. JLT Market Reports provide detailed research and information on communities in 187 major housing markets nationwide. These include the latest pricing trends and statistics, marketing programs, and a variety of other useful management insights.

Datacomp publishes the JLT Market Reports and is the nation’s #1 provider of market data for the manufactured housing industry. JLT Market Reports are recognized as the industry standard for manufactured home community market analysis.

May 2023 manufactured housing market data published in JLT Market Reports for Florida includes information on 779 “All ages” and “55+” manufactured home communities.

Altogether, the reports on Florida manufactured home communities include data representations for 209,607 homesites.

More About JLT Market Reports

Each JLT manufactured home community report from Datacomp has detailed information about investment-grade communities in the major markets. The detailed information includes:

  • Number of homesites
  • Occupancy rates
  • Average community rents, and increases
  • Community amenities
  • Vacant lots
  • Repossessed and inventoried homes, and much more

JLT Market Reports also include management insights on communities by the number of homesites, occupancy rate, home types, and other important detail. Established reports show trends in each market with a comparison of May 2023 reports to May 2022, as well as a historical recap of community information from 1996 to the present date in most markets.

The May 2023 JLT Market Reports for Florida manufactured home communities are available for purchase and immediate download online at the Datacomp JLT Market Report website, or they may be ordered by phone in electronic or printed editions at (800) 588-5426.

Each fully updated report for mobile home communities is a comprehensive look at investment-grade properties within a market, enabling owners and managers, lenders, appraisers, brokers, and other organizations to effectively benchmark those communities and make informed business decisions.

FHA Asks Public for Input on Proposed ADU Changes

By
Patrick Revere
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adu input fha manufactured housing washington dc ibs vegas 23
Attendees at the International Builder's Show in January 2023 tour an ADU on display in the outdoor village at the Las Vegas Convention Center.

The Federal Housing Administration has released a draft update of guidelines for insuring mortgages on single-family homes with accessory dwelling units.

The FHA is asking for feedback on proposed changes.

The proposal aims to provide greater flexibility in calculating market rent and incorporating ADU rental income into qualification for FHA-insured mortgage financing. Finalizing these updates would enable more borrowers, including those seeking 203(k) renovation loans, to qualify for FHA financing for ADU properties. The proposal aligns with the Biden-Harris Administration’s Housing Supply Action Plan to address housing shortages and increase affordability.

“FHA is at the forefront of the Administration’s efforts to increase housing supply and affordability. With housing supply constraints and ADUs gaining popularity nationwide, an updated policy has the potential to expand opportunities for low- and moderate-income homeowners to benefit from the wealth-building potential of ADUs while supporting the affordable housing needs of their communities,” Julia Gordon, Federal Housing Commissioner said.

ADUs are small units of housing constructed inside, attached to, or on the same property as a primary residence. While FHA programs currently allow for the purchase, rehabilitation, or refinance of properties that include ADUs, rental income from ADUs cannot be included in the borrower’s qualifying income. FHA is accepting feedback on the full set of proposals contained in a draft Mortgagee Letter until April 27, 2023, on its Single Family Housing Drafting Table web page.

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the largest marketplace for manufactured housing.

Manufactured Housing Industry Mourns the Passing of Gub Mix

By
Patrick Revere
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gub mix mhinsider visonary award winner 2021

Gale “Gub” Mix, a pioneer in the manufactured housing industry and beloved community leader, passed away on March 16, 2023, at the age of 89, at his home in St. George, Utah. His wife, Carol, was by his side.

Born on May 31, 1933, in Moscow, Idaho, to Gale Mix and Doris (Brower) Mix, he attended the University of Idaho after graduating from Moscow High School. Mr. Mix had an illustrious career in the radio and television industry, owning radio stations in Moscow and Puyallup, Washington, and serving as the news director of the NBC TV station in Boise, Idaho. He then owned and managed auto dealerships in Idaho, Hawaii, and Mountain Home.

In 1972, Mr. Mix established manufactured housing dealerships in Moscow, Lewiston, and Coeur d’Alene, becoming the largest factory-built housing retailer in Idaho. In 1984, he founded Manufactured Housing Services Inc. and became the executive director for the industry in Idaho, Nevada, Utah, and later, Arizona. In addition to handling all industry interests in those states, he lobbied for state and national efforts in Washington, D.C.

Gub was always such a positive influence on whoever he was working with,” Craftsman Homes owner and MHI Chairman Leo Poggione said. “Gub was also a very effective ED and he was instrumental in passing the most significant legislation in Nevada for manufactured housing. He always believed in the industry and would do anything to help.

Poggione said Gub was the reason he got involved in the state association and then MHI.

“He encouraged me to get involved and give back to the industry,” Poggione said. “I doubt very much that I would be chairman of MHI today if it were not for Gub.”

Mr. Mix’s contributions to the manufactured housing industry were recognized with numerous awards, including the RV/MH Hall of Fame induction in Elkhart, Ind., in 2018, as well as the MHInsider Visionary Award in 2021. He organized and operated the National Manufactured Housing Convention located at the Desert Inn Resort in Las Vegas from 1991 to 1999, when he sold it to the industry’s national trade group. In 1997, he moved his business office to Sun Valley, Idaho, where he continued as executive director of the manufactured housing industry in the four western states until his retirement in 2006.

He and his wife Carol later relocated to their retirement home at Entrada in Snow Canyon Country Club in St. George, Utah. In addition to his professional accomplishments, Mix was known for his wit, love of travel and cruising, and passion for reading.

Mr. Mix is survived by his wife and three children, Steve Mix (Ginny), Brett Mix (Laurie), and Nikki Force (Ron); four grandchildren, and three great-grandchildren. He will be dearly missed by his family, friends, and colleagues in the manufactured housing industry. A celebration of his life is planned for a later date.

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the top marketplace for manufactured homes.

Research Results, Award Winners Announced at Congress and Expo

By
Patrick Revere
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las vegas mgm grand mhi congress expo '23

Flagship Communities, Adventure Homes Enjoy Big Day in Vegas

MHI in Las Vegas announced awards winners among manufactured housing professionals, as well as some updated consumer research. MHVillage also made an announcement, a new product offering to help home sellers better manage their time.

After a virtual meet-up to and extending the network in New Orleans and Orlando on consecutive years, the return of Congress to Vegas was an exciting one at the MGM Grand. Those who came in early had the opportunity to participate in the 5th Annual Hart Kiel Pentecost and Lutz Bobo & Telfair Clay Shoot and the 17th Annual Oliver Technologies Golf Open.

More formal business got underway Wednesday with a full day of programming at the 2023 MHI National Communities Council Spring Forum and the adjacent seminar on Developing with Manufactured Housing.

Meet, Greet, and Network

The expo hall was sold out, with more than 120 organizations showing the latest innovations in manufactured housing. Total attendance for the event topped 1,600.

A pair of receptions took place Wednesday afternoon, one for new MHI members and first-time attendees, and a Welcome Reception for all attendees. Thursday began with a Continental Breakfast followed by an open session on updated consumer research commissioned by MHI.

Trifecta Research Senior Vice President of Client Solutions Linda MacKenzie said new research shows growing appreciation for manufactured housing, including among mainstream homebuyers.

“A majority of manufactured home buyers already live in single-family homes, not just other manufactured home or in apartments,” she said. “They feel very positively about manufactured homes.”

The general session was followed by more than a dozen educational sessions on a variety of important industry topics geared toward keeping manufactured housing professionals up-to-date on the latest trends and the best strategies for business development.

MHI also presented the Excellence in Manufactured Housing Awards in nine categories, including a pair of new categories, Leadership in Sustainability and Community Impact Project of the Year.

Excellence in Manufactured Housing

Manufacturer of the Year —Three Plants or More: Clayton Home Building Group
Manufacturer of the Year — Two Plants or Less: Adventure Homes
Manufactured Home Design — Single Section: Adventure Homes
Manufactured Home Design — Multi Section: Adventure Homes
Modular Housing Design: Marietta, by Champion Home Builders
Supplier of the Year: ManufacturedHomes.com
Lender of the Year — National: 21st Mortgage
Lender of the Year — Floorplan: 21st Mortgage
Lender of the Year — Regional: Credit Human
Retail Sales Center of the Year — East: Flagship Communities, Erlanger, Ky.
Retail Sales Center of the Year — West: Homes Direct, Chandler, Ariz.
Community Operator of the Year: Flagship Communities
Land-Lease Community of the Year — East: Summerhill Village by Four Leaf Properties
Land-Lease Community of the Year — West: Dolce Vita by Equity LifeStyle Properties
Community Lender/Broker of the Year: Yale Realty and Capital Advisors
Leadership in Sustainability: Colony Cove Microforest by Equity LifeStyle Properties
Community Impact Project of the Year: Education at Grandin Point by Flagship Communities

“We are beyond proud and excited to receive three of the top MHI national awards,” Flagship CEO Kurt Keeney said. “This is a testament to the dedication of our staff who always ensure excellence in customer service and continually work to bring high-quality affordable communities to the market. Thank you to the Manufactured Housing Institute for shining a spotlight on the efforts of its member companies to build and grow quality communities across the United States.”

The Summerhill Village redevelopment, Four Leaf’s winning community, was launched two years ago as a complete redevelopment, including new roads, infrastructure, homes, and an expansive amenity center that is the centerpiece of the community.

“We are incredibly proud of Summerhill Village and appreciate this honor as a top community in the nation. The MHI award is given for work that propels the industry forward, re-visioning, redeveloping or building new communities that set the standard for the future. In the next 50 years, the manufactured housing industry will look nothing like it has over the last 50, and that’s a very good thing. We’re participants in leading that change and Summerhill Village is a great example,” Four Leaf Properties Managing Partner Michael Callaghan said.

MHVillage and Datacomp served as sponsors for the event and welcomed attendees to booth spaces 125/224, as well as to the MHInsider ’80s Lounge for networking, and a little bit of arcade fun at booth 341. MHVillage on April 19 also unveiled its highly anticipated new product offering related to the “It’s About Time” campaign, an appointment-setting feature that allows home sellers to better manage leads and general workflow.

Congress and Expo wrapped with a half-day on Friday.

MHInsider is the leader in manufactured housing news and is a product of MHVillage, the top marketplace for manufactured and mobile homes.

Builder, Nonprofit Partner for Second White Paper on Value of Manufactured Homes

By
Patrick Revere
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manufactured housing market clayton next step crossmod eason epperson
The Wood family enjoys their new home in North Carolina. Photos courtesy of Clayton.

Clayton® & Next Step® Highlight Evidence That Off-Site Built Homes Appreciate As Well As Site-Built Homes

Clayton, a national builder of attainable housing, and Next Step, a national nonprofit housing organization, have again combined efforts to release an educational white paper, this one highlighting the wealth-building benefits of off-site built housing.

“Off-Site Built Homes Proven To Appreciate In Value — Providing Equity Building Opportunities & Reshaping Today’s Housing Market” makes an appeal to policymakers and potential homebuyers alike that homes constructed in a production facility continue to be the best option for those navigating the market for an attainable homeownership solution.

Manufactured homes, including CrossMod® homes, and modular homes are constructed inside a climate-controlled facility and finished on-site, allowing for a quicker, more efficient building process. CrossMod homes are uniquely positioned to bridge the affordability gap for entry-level and middle-tier housing and are more affordable for both developers and buyers.

When placed on a property with a permanent foundation, off-site built homes have the ability to build wealth over time like site-built homes.

“Homeownership has been an essential part of the blueprint for wealth building in this country for decades, but current home prices aren’t reflective of what most people can afford,” said Next Step President and CEO Stacey Epperson said. “If we want to address the homeownership gap for individuals and families, particularly for those living in historically underserved communities, we need to embrace the efficiency, quality, and affordability offered by off-site built homes.”

The white paper incorporates statistics from a growing body of research showing off-site built homes regularly appreciate similar to site-built homes, including:

  • A North Carolina family’s Clayton off-site built modular home, increased more than $135,000 in value over seven years ($179,500 to $315,000).
  • Median manufactured home values across the nation increased by an average of 34.58 percent from 2016 to 2021 — nearly the same as the average increase of 35.44 percent for single-family homes, according to a 2022 study.
  • Off-site built housing is generally less expensive than traditional home construction methods because of economies of scale and building efficiencies.
  • A 2022 study shows the median value of off-site built homes increased more quickly in over a dozen states than that of traditional site-built homes over the same five-year period. For example, Rhode Island, Nebraska, and Idaho showed median manufactured home values more than doubled, increasing value by an average of 110.82 percent. In those same states, site-built home values appreciated 57.95 percent in the same period.
  • An analysis of the Federal Housing Finance Agency’s MH index by a nonprofit research organization indicates the prices of manufactured homes perform similarly to those of site-built properties.

CrossMod homes, the newest category of off-site built housing, present a new evolution for the off-site built home industry. These homes blend off-site construction and on-site features such as drywall interiors, porches and garages to produce an affordable home that can be financed and appraised alongside site-built homes.

“We know many people are getting priced out of today’s housing market. At Clayton, we strive to open doors for more people by bringing homeownership within reach,” Kevin Clayton, CEO of Clayton, said. “Owning a home provides individuals and families with more than a place to live — it’s an opportunity to build wealth over the years while earning more value for money spent.”

Go to the Clayton website to read the full white paper on “Off-Site Built Homes Proven To Appreciate In Value – Providing Equity Building Opportunities & Reshaping Today’s Housing Market”.

MHInsider is the leading resource for manufactured housing industry news and is a product of MHVillage, the largest website for manufactured homes.

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