California Should Embrace Manufactured Housing as an Affordable Housing OptionBy jh_admin In Real Estate
California real estate has always been costly, and in recent years, has outpaced many other markets to become out of reach for many residents. First-time homebuyers and retirees alike struggle to save a down payment or find affordable homes in the golden state.
However, while the average value of a California single-family home is $648,100, the second highest in the nation, a typical California manufactured home is valued at $110,200. The average manufactured home sold this year is 1,455 to 1,560 square feet and costs an average of $177,000, which is roughly the same as the down payment on a median-priced single-family home here in California.
Under Governor Newsom, the state is pursuing its boldest housing and homelessness budget in state history, with an unprecedented investment of $22 billion to tackle housing issues. The funding will lead to the creation of over 84,000 new affordable homes for Californians, including over 44,000 new housing units for low-income buyers. As ordinances on zoning for manufactured housing and ADUs (Accessory Dwelling Units) ease, this will allow housing to be created at a faster and more affordable pace than in years past.
In addition, the U.S. Department of Housing and Urban Development (HUD) partnered with the Manufactured Housing Institute (MHI) to host the Innovative Housing Showcase on the National Mall in Washington, DC. earlier this summer. HUD Secretary Marcia Fudge officially kicked off the week-long event noting that manufactured homes could be “the future of housing.”
“Now more than ever, manufactured housing is a great solution for affordable and low-maintenance housing,” said Shane Joffe, partner, and general manager of HomeQuest. “Today’s manufactured homes have a variety of features and amenities, just like site-built homes. They also provide a much better value in high-priced markets like California, where traditional housing is unattainable for many.”
In addition to being more affordable, Joffe adds that manufactured housing is often constructed better and in a more environmentally friendly manner than site-built homes. Because they are built to be transported and installed on a lot, manufactured homes are meticulously constructed with perhaps more care than a site-built home, where an entire housing tract is often built at once.
Today’s manufactured homes are well-designed and high-quality, featuring high-end finishes and amenities such as wood-look flooring, stone countertops, farmhouse sinks, windows with the decorative casing, ample closet space, skylights, porches, on-trend bat and board siding, and more. Constructed to be energy efficient, manufactured homes also use less energy for heating and cooling than a traditional site-built home.
To explore the latest manufactured housing options in your area, contact HomeQuest today.