Affordable Housing Solutions Have Never Been So Important to First Time Home Buyers
Now that Millennials are starting to have increased spending power, they represent the majority of first time buyers in this generation. However, instead of buying a traditional site-built home like the older generations, there’s an increasing number Millennials buying manufactured home! There are three reasons to that: Beneficial, energy-efficient, and affordable.
The great thing about investing in a home from us, Showcase Homes, is that you’ll never have to choose between practicality and luxury. You can easily have both with the variety of floorplans and manufacturers we have to offer here! Millennials also need homes that adapt to their lifestyles. We have everything you need from swimming pools, fireplaces, decks, to carports; all affordable and all completely customizable!
Why Affordability Is So Important
Millennials are carrying loads and loads of student loan debt. According to the Institute for College Access & Success, 7 out of 10 seniors in the class of 2014 graduated with student loan debt; with the average borrower owning $28,950. They’re having trouble paying these student loans back, and that is due to the unemployment of young adults, which was 6.5% in January 2014. Many of the Millennials are incredibly underemployed (51%), according to Accenture.What does it mean to be underemployed? Here is the criteria:
- Their knowledge, skill, education level, and abilities exceed the education level that is required for the job.
- The desired occupation or field of employment does not match the occupation or field of employment of their current job.
- Although they prefer full-time jobs, they are only offered part-time jobs.
Combining both high unemployment, and the underemployment rate, you can see why Millennials are doing the following:
- Living with their parents longer.
- Delaying parenthood.
- Delaying marriage.
- Delaying home buying
That being said, high housing prices can make it difficult for anyone to own and buy a home, including Millennials. Buying a home in the past was considered a safe and secure investment, but with how the prices are in the modern day, that is hardly the case. In order for Millennials to own a home, they must have the stability and not just their finances, but their lives. Buying a home means investing in a home that you can afford in a long-run.
There is Hope: Modular and Manufactured Homes
Yes, there is indeed hope! The increasing popularity of modular and manufactured homes are catching the eyes of more and more Millennials as of late. There are more than just one benefit when owning either modular or manufactured homes:
- Affordable: Manufactured and modular housing is all the quality of a site-built home, with a much better price point. They provide the highest quality at 10 to 30 percent cheaper per square foot than site-built homes.
- Eco-friendly: Manufactured and modular homes are much more sustainable than a new construction, which can easily help to reduce carbon footprint. There are many EnergyStar options for manufactured homes, and the structures can potentially have additional upgrades such as solar panels. Construction of manufactured and modular homes also produces less waste than traditional, site-built homes.
- Customizable: Manufactured and modular homes are infinitely customizable, whether you’re looking for sliding barn doors, or a home library of your dreams. With traditional, site-built homes; the homes are not as customizable or as flexible.
