(according to the U.S. Census Bureau.)
– Arkansas State University market research study.
52% of buyers with their eye on a home purchase (in 2017) will be first-timers.
And 61% of those are under age 35.
– Cicely Wedgeworth, Realtor.com®
WASHINGTON, DC – 17 Jan, 2017 – Millennials – also known as Gen Y – have for several years been noted by housing researchers as a generation of renters. That’s about to change in 2017, according to research by the National Association of Realtors (NAR) and other groups that are following housing market trends.
But there are problems that Millennials face, as they strive for home-ownership. Rents and interest rates are rising, as are existing house prices and the cost of new construction.
So, housing affordability is a factor. Gen Y has lower income – and less down payment money available – per Tom Allison, deputy policy and research director at the millennial advocacy group, Young Invincibles.
The solution? The Washington, DC based non-profit Center for Enterprise Development (CFED) points to manufactured homes as a common-sense choice, as have Bloomberg, HousingWire, Realtor® and Fox News.
“As conventional housing prices and mortgage rates continue to rise, the Millennial generation and others are looking for smart options,” said Lindsey Bostick, a business management graduate, who has recently purchased a residential-style manufactured home.
“Today’s manufactured homes can look and live like a conventional, site-built house, and can be half the price of new construction. Additionally, many manufactured homes are Energy Star rated, so they are more efficient than older, existing homes,” Bostick told MHLivingNews, quoted in a new report on Millennials, the challenges of affordable housing and the often-overlooked modern manufactured home solution.
Illustrations, photos, links to videos and expert insights from independent professionals – such as the Texas-based Real Estate Center’s Harold Hunt, PhD – are included in a news story by Soheyla Kovach. Her report – NAR – Millennials Want Quality Affordable Homes to Buy in 2017 – is linked here.
(Photo caption: Projections by the National Association of Realtors (NAR) tell us that Millennials will be out in force in 2017, shopping for and buying homes. The report points to a surprising solution for those who want to buy, but are finding affordability to be a barrier. Collage credit, MHLivingNews.com.)
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