Hippo recently published a report that said that 78 percent of those who bought an existing (think conventional) house within the last 12 months (think 2022) had “regrets.” Meanwhile, NerdWallet’s research included this statement about “The 11% of Americans planning to purchase a home in the next 12 months hope to spend $269,200, on average, according to the survey. The median (middle-value) anticipated spend among this group is $200,000.” The problem for those hopeful consumers is that the typical (median) price for conventional housing is “$379,100 as of October 2022, according to the National Association of Realtors.” Both of these research reports, while not mentioning manufactured homes, should have. Why? Because Freddie Mac said in 2022 that the majority of people shopping for a home would consider a manufactured home.
Before looking more closely at manufactured housing, let’s first look at more specifics from Hippo and Nerd Wallet.
Per Hippo’s recent research.
“78% of respondents (U.S. homeowners) have had regrets about purchasing their homes within the last 12 months. Of those that have regrets:
- 49% say homeownership is more expensive than they anticipated
- 47% say that they have had too many unexpected issues with their home
- 47% say there is too much maintenance and upkeep involved
- 46% say that they compromised on things they really wanted for their home”
While this may be a kind of hit on buying an existing house, the bulk of these issues could be avoided by homebuyers if they were able to purchase a brand new HUD Code manufactured home and properly install it on an reasonable homesite.
The NerdWallet research was different, but equally eye-opening.
In new and recent research, consider the following facts, evidence, and statements.
- “NerdWallet survey, remaining consistent in the face of a pandemic, a tumultuous economy and a housing market that has generally benefited sellers” … “About 28 million Americans, or 11% of them, plan on purchasing a home in the next 12 months, according to the NerdWallet survey conducted online by the Harris Poll among 2,051 U.S. adults from December 1-5, 2022.
- “The 11% of Americans planning to purchase a home in the next 12 months hope to spend $269,200, on average, according to the survey. The median (middle-value) anticipated spend among this group is $200,000. This is notable when compared with median home prices across the nation — $379,100 as of October 2022, according to the National Association of Realtors — and indicates some prospective buyers may be disappointed when they begin shopping.”
- A majority of Americans (67%) say a housing market crash is imminent within the next three years, according to the survey. As prices have climbed significantly over the past few years, the fear of a crash may be understandable, though it’s unlikely.
- “Home prices already have been falling, especially on the west coast, and prices will fall in some cities in 2023,” Lewis says. “But a drop in home prices isn’t necessarily a crash. Home values went up around 40% from the middle of 2020 to the middle of 2022, so most homeowners will have equity even if prices fall 10% or 20%.”
Each of those facts spells “OPPORTUNITIES” for savvy HUD Code manufactured home shoppers and/or for honest, ethical manufactured home sellers. The typical manufactured home is significantly less than the target price point for those tens of millions who want to own. As noted previously, Freddie Mac’s research in 2022 said that the majority of home seekers would consider a manufactured home. That being so, there are potentially millions of potential new manufactured home buyers.
Additional Related Information with more MHLivingNews Analysis and Commentary in Brief
We observed in a prior report that existing manufactured homes are reportedly appreciating at a similar or greater rate as conventional housing in dozens of states. To see the details, click on the report linked below.
The over-the-type hype that has occurred for years about manufactured homes and windstorms are exposed as being wide of the mark of the full truth. Conventional housing and manufactured homes alike are vulnerable to a direct hit by a tornado, storm surge, or hurricane. That said, the odds of any of those events occurring and impacting your home is miniscule. See the data linked below.
Should more Americans learn these and other truths about modern manufactured home living, the percentages of those willing to buy a manufactured home ought to only go higher.
That said, there are some kinds of manufactured home sellers and specific ‘brands’ of communities that those who want to avoid headaches arguably ought to be avoided. Learn more about some of that in the reports linked below.
On the positive side, and for insights on the facts vs. the outdated myths and misinformation, see the following reports.
That’s a wrap on this installment of “News through the lens of manufactured homes and factory-built housing” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
Connect on LinkedIn: http://www.linkedin.com/in/latonykovach
Recent and Related Reports:
The text/image boxes below are linked to other reports, which can be accessed by clicking on them.