Many millennials are renting, which manufactured home community operator Ascentia says could be the largest potential group of first time home buyers. What’s the hold up? Ascentia says, “record student loan debt, high unemployment, and lack of interest in suburban living. There is also a reluctance based on what they’ve seen in recent years, about being saddled with a mortgage and other responsibilities that accompany homeownership.”
Ascentia’s management believes that “unlike real estate as a whole, the manufactured housing industry is well equipped to handle Millennials’ choices.” But the firm’s leadership believes that manufactured housing, while a great option for a first home, will require more public education. They are not alone on that point, as the calls for an MH image/education campaign gathers steam.
According to the Michigan Manufactured Housing Association, given the low average price for a new manufactured home, “payments…may be more affordable than renting an apartment.” ##
(Photo Credit: Incitrio.com)
