If you’re looking to buy a home in the upcoming year, you’ll want to keep manufactured home trends in mind. It’s looking like 2024 will be a good year for manufactured homes, and if you’re a first-time homebuyer, taking advantage of these trends may help you find your future dream home. Read our guide to see what you can expect from manufactured home trends in 2024!
Are Manufactured Homes Making a Comeback?
In 2024, we expect to see an increase in demand for manufactured homes. Some experts are saying there’s the potential for a manufactured home surge as more young people are looking to buy a home. Since the pandemic, there have been variations in the amount of shipped manufactured homes, but we’ve seen the number of shipments double since the early 2010s. This general trend of growth is expected to continue as more people are looking to purchase first-time homes in a challenging housing market.
Are Mortgage Rates Expected to Go Down in 2024?
The past year was a difficult time for people trying to secure a mortgage. With interest rates reaching a high of 7.79%, the question on every homebuyer’s mind is if the rates will start to go down in 2024. Luckily, there does seem to be a trend of lower mortgage rates—evening dropping down a full percent in the new year. The market tends to respond to seasons of uncertainty, and with this year being an election year, projections are saying mortgage rates will drop below 6% by the end of the year. That being said, we don’t recommend waiting for interest rates to drop, as they could rise again just as well. Don’t wait for interest rates to rise and decrease your purchasing power.
Are Millennials Buying Manufactured Homes?
Millennials are one of the key factors in the rising demand for modern manufactured homes. It’s no secret that site-built home prices and mortgage rates are at a high since 2020–2021. Instead of trying to compete in today’s housing market, many millennials are turning to manufactured homes as a solution. Since manufactured homes are built-to-order, the competition for homebuying is significantly reduced, allowing easier access to owning single-family homes.
Will It Be Cheaper to Purchase a Manufactured Home?
One of the main benefits of a manufactured home is its affordability compared to site-built homes. According to MH Insider, it costs around $139.20 per square foot for a site-built home—compared to $72.46 per square foot for a manufactured home. We are expected to see both prices rise this year, but manufactured homes are still on track to be a much more affordable option than site-built homes, especially for first-time homebuyers.
If you visit your local Prestige Home Center, you’ll see firsthand the difference in affordability between a manufactured home and a site-built home. Our most inexpensive models are priced below $90,000. If you’re looking for a home for a growing family, our quadruple wide homes range in the low $200,000—well below the $402,500 average sale price for site-built homes in Florida.
Are Manufactured Becoming the New Modern House?
No longer are manufactured homes the old-fashioned retirement and vacation homes of the past. Today, both young and old can enjoy modern amenities in spacious manufactured homes. Manufactured homes are built to your specifications, including size, luxury features, and design. With lower prices, increased energy efficiency, and a reduced carbon footprint, manufactured homes are becoming an attractive option for the modern homebuyer.
Jump on the Manufactured Home Trends in 2024 with Prestige Home Centers
With a projected rise in demand, you’ll want to get ahead of the curve with buying your future manufactured home. At Prestige Home Centers, we make this process easy! From model tours to financing, Prestige is your guide in buying manufactured homes. Find a Prestige model center near you, and book a tour of your future dream home today!