It's getting increasingly difficult for renters to afford to buy a home, and frustrating to many who spend money on rent month after month who do the math and find out how much they've spent. If you are 31 years old and you've lived on your own since 21, paying an average of $1,000 a month on rent, you've already put over $120,000.00 of your hard-earned money into other people's pockets. If you're in your late thirties and have been renting since early adulthood, you might be cringing right now at that math. Imagine if all that money had been going toward equity of your own home for that amount of time?
When you've got a mortgage, not only are you paying yourself, but you're building equity, and it can be leveraged for a rainy day, if need be. But, with housing costs rising, home ownership might feel unattainable. Most agree they want to own their home, but they also want to avoid a mortgage above their means. That's why it may be time to look into luxury mobile homes for sale for an affordable and comfortable option.
Is Home Buying Above Your Means in Your City?
Many financial experts recommend buying a home about three times the value of what your household earns in a year. If you look at the average price of a three-bedroom single family in your town, is that an option? For many Americans, they can't come close to finding a typical single-family home within those financial parameters.
Renters Face Housing Woes, Too
Housing affordability is affecting renters, too. With a turnaround in the economy, it has put pressure on the rental market. Why is a healthy economy potentially bad for renters? More young adults are moving out of their parents' homes into their own places, and this has made it a challenge in some cities to find affordable rentals If you're paying far too much in rent, how will you ever afford that down payment to buy?
There are some ways to combat these housing problems so that you can buy your own home without having to buy it with other people and there are ways to do it without putting yourself in a situation of being house poor, by buying outside your means.
Manufactured Homes: For Renters, First-Time Buyers, and Empty Nesters
Housing prices continue to rise and that's one of the reasons why the manufactured home solution is increasingly popular among renters, first-time buyers, as well as those downsizing. Single people, families, as well as seniors are increasingly looking at mobile home communities as a solution to affordable rentals as well as a viable path to home ownership, even for those with only a small down payment.
Single People – Mobile homes for sale or rent can be a great alternative to buying a condominium where you won't have your own yard and may have to deal with stairs or elevators. In terms of renting a mobile home, this is increasingly popular, too, and can get you a great rental unit at well below average rental pricing.
Families – The path to home ownership is much more attainable with a manufactured home, which can amount to a fraction of the cost of buying a typical family home, meaning a smaller down payment and a more affordable mortgage payment. And mobile homes are often available in family-themed communities, equipped with great amenities for children and their parents. Playgrounds, swimming pools, and fitness clubs along with community-minded neighbors are often part of the equation.
Instead of buying a home at the recommended three times your salary, you could wind up in a great house for less than two times your annual income --- putting more money in your own pocket while also allowing you to build that valuable equity faster. Accelerated payment schedules are also much more doable, offering the advantage of becoming mortgage free much sooner.
Seniors – Seniors wanting to downsize often look to mobile home communities as a way to have their own space with less maintenance than a typical house, benefiting from living in a bungalow without worrying about navigating stairs, and with all the luxuries they want as well as a potential close-knit community to help combat loneliness. With more affordable costs, seniors also experience better quality of life on their fixed income.
Resale and New Mobile Homes Are Available for Rent or for Sale
Today's manufactured homes can be bought through the resale market and as more see this as an affordable option, there are also ongoing developments sprouting up with the option for built-to-order new custom homes. And with potential legislation changes for the manufactured homes industry at large, this option could become even more abundant in the very near future.
Whether you are looking for a specific lifestyle community or are simply striving to find a way to make sure your housing budget is being put to work for your future, it's advantageous to look at mobile homes for sale or rent as a potential solution to available and affordable rentals as well as an easier path to home ownership.