Low housing inventory, high construction costs and labor shortages have all conspired to drive home prices up throughout the country. As a result, affordable housing has become an issue in many states, including Colorado.
One solution some are suggesting: manufactured housing.
“Manufactured homes are built in a factory, transported to a site on a flatbed truck, and installed on site,” reports Curbed.com. “Not to be confused with prefab homes, which have parts made in a factory but are mostly constructed on-site, manufactured homes cost as little as $45,000, a mere fraction of the median price for a new single-family site-built home of $323,000.”
Government actions are making manufactured homes an increasingly viable option. In January, reports Curbed, Fannie Mae and Freddie Mac announced plans to purchase more manufactured housing loans over the next three years.
Additionally, the Department of Housing and Urban Development (HUD) announced that it would review regulations regarding manufactured housing with an eye to reducing them, following President Trump’s directive to streamline governmental regulation.
While in the past, the public largely viewed manufactured homes as less stable than traditional homes, “this attitude is unjustified,” notes Curbed. “Studies have concluded that manufactured homes are just as durable as site-built homes in many cases, and modern amenities and manufacturing capabilities are helping them blend in with regular housing.”
The idea comes with its own complication: Where will all these manufactured homes be placed? In cities with tight housing markets, such as Denver, land comes at a premium. But as the search for solutions continues, it’s nice to know that, like manufactured homes themselves, some ideas are on the move.
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