Buying a home is a considerable milestone that people look forward to. They save thousands of dollars for a down payment, but the cost of real estate is going up. There’s an affordable solution that allows individuals to become homeowners without sacrificing quality and beautiful design. Purchasing a manufactured home may be more affordable than you think.
Manufactured Home Prices
Average Manufactured Home Cost in Michigan
Traditional Michigan home prices have risen to an average of $273,661, with hotter real estate markets throughout the state reporting even higher averages in their specific regions. Manufactured homes cost significantly less, with 2021 averages for single wide homes coming in at $108,100.
At Preferred Homes, our manufactured homes typically range from $100,000 for a two-bedroom single wide home to $280,000 or more for a double wide manufactured home with three bedrooms set on private property.
When looking at monthly payments, is owning a manufactured home cheaper than renting? Michigan rent can be $1,000 per month or more for apartments, and even higher for mortgage house rentals or mortgage payments. With a manufactured home cost, monthly payments vary greatly based on the type of loan you receive, but some pay as low as $500–800, and the money is going toward an asset you will own.
Why Do Manufactured Homes Cost Less?
Due to the materials used and building process, manufactured homes cost less. Manufactured homes are built in off-site factories in an efficient assembly process that takes significantly less time to construct than a traditional home constructed on the land.
Large-scale production means the manufacturers are able to purchase a high quantity of building materials at a lower cost, resulting in a more affordable price without sacrificing quality. Manufactured homes are constructed with permanent steel frames, vinyl siding, fiberglass shingles, and high-quality insulation.
Factors of the Cost of a Manufactured Home
Like all properties, the cost of a manufactured home is influenced by the cost of surrounding homes in the location. The manufactured home will need to be placed on rented or purchased land.
There are a few other factors that impact manufactured home costs, such as property taxes, insurance, and physical features of the home. The majority of our manufactured homes are highly customizable, with the ability to alter floor plans. At Preferred Homes, you can choose the type of foundation, attached or detached garages, porches, and even the addition of a deck.
The size will also affect the price of a manufactured home. We offer single wide and double wide manufactured homes. These choices and add-ons will determine the manufactured home price, but don’t worry about being blindsided. We work with you based on your budget to build the house you can see a beautiful future in.
Is It Difficult to Buy a Manufactured Home?
While the difficulty of obtaining a traditional mortgage is a concern for some when buying a manufactured home, it’s not a significant obstacle. We have construction loans available and can refer you to our preferred financers that specialize in manufactured home loans.
Applying for pre-approval through a bank is fairly simple. They’ll do the paperwork, and we can work with your preferred bank. If you are worried about your credit score or unsure of it, we can refer you to a lender who will show you different financing options available for your financial position.
Value of Manufactured Homes
Purchasing a manufactured home is one of the best options for those who want to become a homeowner without going into heavy debt and being tied to a mortgage. An important thing to know is that manufactured homes actually appreciate in value at the same rate as a traditional home, and last equally as long. If you’ve put off buying a manufactured home due to a misconception that they don’t have the same resale value, think again.
With a manufactured home, you get more square footage for the price and partake in a sound investment with a low upfront cost. Not only do they cost less, but they will also save you additional money on heating and air conditioning because they are built with energy-efficient materials.
Trends in Manufactured Home Prices
The average price of manufactured homes has gone up by approximately 20% in recent years due to demand. Many people are opting for manufactured homes due to a general rise in housing costs and difficulty buying a traditional home.
Data shows that the best time for buying a manufactured home is at its lowest price in the winter. The months of March and May also tend to have a downtick in pricing. The best time to sell at the highest pricing would be later in the year, in summer or fall.
Manufactured homes save homeowners money on energy costs by being more energy efficient than traditional stick-built homes. This not only saves you money but is also more environmentally friendly. Our homes are built with plenty of insulation, adhering to the U.S. Department of Housing and Urban Development standards for manufactured housing.
Single Wide vs. Double Wide Homes
Single Wide Manufactured Homes
Single wide manufactured homes are a more affordable option and tend to be more narrow in build. Our single wide homes are 1200 square feet or less, ideal for a single person or small family. They tend to have a short assembly time due to their simple build. Although not as big as a double wide, we can craft them with just as much style and luxury.
Double Wide Manufactured Homes
A double wide home is usually above 1500 square feet and can be more than 2000. These are more expensive, but accommodate a great number of inhabitants with multiple bedrooms and bathrooms. Their build is wider, and they tend to have a shorter appearance, much like a traditional home. Because of their size, double wide homes have more customization possibilities with their layout plan.
Building Manufactured Homes in Michigan
Preferred Homes has been successful in constructing many manufactured homes in Michigan, making the dream of becoming a homeowner a reality for families in 29 different counties. Peruse some examples of our work to see the exquisite homes we can create for you at a lower cost, or contact us today to start your manufactured home buying process.
Let Us Help You Find Your Dream Home
Preferred Homes has a variety of homes available, with options for all types of budgets. Check out what we have available, or if you're ready to take the next step—schedule a tour today!