What’s Happening in Manufactured Housing in 2024

What’s Happening in Manufactured Housing in 2024

As has been the case for several years, the lack of affordable housing in the United States ranked in 2023 among the nation’s most discussed and contentious issues. It was part of the debate over how to handle the homeless crisis in this country as well as the cratering of many cities’ once-vibrant downtown business districts. Elected officials and entrepreneurs across the country spent the year conceiving and implementing strategies intended to restore the American dream of home ownership.

One upside to the crisis is the rising recognition of manufactured housing as a high-demand asset. Seemingly gone forever is the stigma that once plagued the industry, replaced with an increased demand for modern units and communities outfitted with all the amenities to meet the needs of a growing clientele.

So what does 2024 hold for manufactured housing? More of the same, industry insiders report.

Production: With interest rates and inflation slowing, research suggests that manufactured home production in 2024 will resemble that of 2023. Cumulative production was at 75,040 homes as of October, a 23.8 percent decrease from the 98,506 homes produced over the same interval in 2022, according to data from the Manufactured Housing Association for Regulatory Reform.

Hot Markets: The most desirable housing markets in recent years — particularly those in the Southeast, such as Florida, Texas and Colorado, but also Utah, Colorado and Montana in the West — will likely continue to appeal to developers and prospective buyers alike. Part of the reason? Their comparatively light tax burdens.

Price Point: A large part of manufactured housing’s 21st century popularity has been its comparative affordability and those conditions will certainly continue in 2024. With the federal government now reporting the median price of a traditional single-family home at around $400,000 — a sum beyond the reach of many prospective buyers — manufactured homes’ popularity can likely only grow.

Developing Demographics: An emerging trend is manufactured housing’s newfound popularity among younger households. Until recently, manufactured homes mainly catered to 55+ retirees looking to downsize or buyers seeking a stepping stone to a larger home. Given the nation’s seemingly endemic sky-high housing costs, all sorts of age groups are interested in quality, less expensive options. Moreover, data reveals these younger buyers are staying in their manufactured homes longer due to those same budget restraints.

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At Harmony Communities, we feel strongly that each resident has a sense of home. That they come home from work and feel pride in their environment and in their place in the greater community. That families are comfortable raising children in our neighborhoods, and that couples and singles know that they belong to something bigger than their four walls. In other words, we seek to create harmony within each community, making our communities not just passable, but peaceful, safe, functional, and beautiful.