The survey reveals many now spend more of their income for housing than ever before. Knowing this, it is understandable to see major cut backs on other categories such as entertainments or food.
Some find a solution in Manufactured Housing, the report says. This new type of living, INN states, provides the opportunity for many lower-incomes to find convenient homes at reasonable costs.
This option is often found in developed communities with leased sites, but others of course may opt to buy both home and site.
INN goes further and describes the situation of a man, Steve Wiley, who found an initial answer by buying a multi-sectional manufactured home in a “mobile home park” – more propery known today as a land lease or manufactured housing community (MHC).
Initially pleased, Wiley said now he simply cannot afford the site rent, which has rapidly risen 20%. Selling his ‘double wide’ and looking for a roommate, after years of being independent, were the only solutions he said he could find to afford modest housing.
Some MHC owner/operators have learned lessons from those like Wiley, by creating programs that keep their rent increases more affordable. Some consumers looking for affordable solutions may opt for those properties with good neighbor policies, while others seek out ROCs, or resident owned communities, as a solution.
The post-2008 financial crisis and facts like over 10,000 baby boomer hitting retirement daily suggest the needs for consumers and the opportunities for MH investors and professionals alike, which will only be met successfully when solutions that meet the needs of both buyers and business professionals alike are found. ##
Related OpEd: Here comes the Senior Tsunami!
(Image credit; EBRI.org logo)
(Article submitted by Lucine Colignon to Daily Business News – MHProNews)
