May is National Affordable Housing Month

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May is National Affordable Housing Month

Posted by Tim on May 24, 2024
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May is National Affordable Housing Month, and what started in 1968 with Congress passing the Fair Housing Act, has become a bigger concern with the soaring cost of today’s housing.

The federal government defines housing as affordable when it consumes no more than 30% of household income. Only when costs are below the 30% threshold can households comfortably pay their monthly housing costs while still having money left over for other necessities, like food,  transportation, and healthcare.

A growing number of Americans cannot afford rising housing costs particularly in expensive regions like California, where the median home price hit $900,000 in April, according to the California Association of Realtors.

Because of escalating housing costs and mortgage rates, more homebuyers of all ages and backgrounds have found that manufactured homes are a great alternative for affordable housing because they are a fraction of the cost of a traditional site-built home.

According to the Manufactured Housing Institute, the average cost of a manufactured home in California is about $120,000, which is significantly less than the average cost of a traditional single-family home in the state. This makes them a great option for first-time homebuyers, retirees, or others on a tighter budget.

No longer the mobile homes of decades past, the manufactured homes being made and sold today feature high-quality construction built to HUD code and feature designer finishes and amenities typically standard in a traditional site-built home.

From enjoying a relaxing, low-maintenance lifestyle, to building home equity faster because they are getting into homeownership, home buyers of manufactured homes are realizing the many great attributes of this housing alternative.

“A couple of years ago, it was estimated that as many as one in seven households spend more than half their income on housing, and we’re certain the number is higher today,” said Shane Joffe, partner and sales and marketing manager of HomeQuest. “We’re proud to offer housing solutions and easier entry into the home buying market with beautiful new manufactured homes.”

Regardless of the region, the housing crisis and affordable options need to be addressed, and manufactured homes are a great place to start. Contact HomeQuest and let us help you discover the affordable, environmentally friendly, and high-quality housing options available.

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