Michigan — And These States — Are Growing in Manufactured Home Opportunities
Dodge Data and Analytics’ 2016 Construction Outlook report predicted 6% growth, with the value of construction starts reaching an estimated $712 billion. There’s no denying that construction opportunities are on the rise, particularly in the residential real estate sector. And the Albany Democratic-Herald has recently compiled a list of the top states in the country for affordable home opportunities. Specifically, manufactured housing.
Manufactured homes have dropped in popularity and availability since their initial spike, but they’re yet again on the rise as a result of low housing budgets and consumer housing trends. Roughly 90% of engineers, 84% of contractors, and 76% of architects say they use prefab or modular construction processes for at least some of their projects. Now, nearly 12 million trucks, rail cars, locomotives, and vessels move goods over the transportation network, making manufactured housing arguably more affordable than ever, at least in several states. Let’s take a look at some highlights of the Herald’s list of the best states for manufactured housing opportunities — starting in our home state of Michigan.
The list, which ranked states based on the increase in manufactured home shipments between 2009 and 2017, put Michigan at the number-six spot. It’s easy to see why: Michigan has undergone a whopping 1,144% increase in new manufactured homes since 2009. The average sale price for manufactured homes in Michigan as of 2017 is $66,500. On the contrary, the median list price for all Michigan homes in 2017 was $165,600. Keep in mind that The National Association of Realtors the average home sold by an agent in 2017 brought in $249,000, making the state affordable for traditional housing as well. Still, those looking for manufactured homes can easily snag a deal.
In 2016, there were 560,000 homes sold in the United States, and while statewide reports show that residents are leaving New York in growing annual rates, manufactured housing opportunities statewide continue to rise. The Empire State made the number-10 spot on the list and has experienced a 36% increase in manufactured home construction since 2009, compared with just a 10% increase in all single-family homes builds. Plus, the average manufactured home price across the state in 2017 was $71,300, compared with a surprising $347,683 median list price for all homes in 2017. Needless to say, New York is a great place to explore manufactured housing opportunities to reap significant home cost savings.
Nebraska made the number-one spot on the list, with a 226% manufactured home build growth rate since 2009. The average sale price for manufactured homes in the state in 2017 was $71,600, compared with the median list price for all homes at $193,496 for the same year. While much of Nebraska is quite rural, there are plenty of cities with career opportunities, so consider your options carefully.
About 78% of recent buyers found their real estate agent to be a very useful source of information, so talk to your realtor if you’re interested in purchasing a manufactured home of your own. While these states ranked the best for manufactured housing costs and opportunities, availability as a whole is on the rise, and homeowners can customize their homes in countless ways.
“In the past, manufactured housing was largely considered out of necessity — as a more affordable alternative to site-built homes. But today, the industry is working hard to shed that stigma by providing compelling high-end offerings…technology advances in the factory have allowed manufactured home builders to provide buyers with a wide range of styles and customizations to fit their needs,” says the Herald.