How boomers are dis­rupt­ing the hous­ing nar­ket

Daily Local News (West Chester, PA) - - REAL ESTATE -

As the Boomer pop­u­la­tion ages and re­tires, mas­sive shifts in the hous­ing mar­ket are to be ex­pected. One cur­rent pop­u­lar trend with these older Amer­i­cans is man­u­fac­tured hous­ing in land-lease com­mu­ni­ties, where homes are placed on leased land and the over­all price of the home is lower than other types of homes. And many of these com­mu­ni­ties of­fer se­nior­friendly ameni­ties.

“While land-lease com­mu­ni­ties are pop­u­lar with peo­ple of all ages, those over 55 may par­tic­u­larly ap­pre­ci­ate the af­ford­abil­ity and life­style ben­e­fits they de­liver,” says Richard Jen­ni­son, pres­i­dent and CEO of the Man­u­fac­tured Hous­ing In­sti­tute.

Man­u­fac­tured homes can cost an av­er­age of $68,000, com­pared with $276,000 for a sin­gle­fam­ily site-built home. There’s also more home for the buck: as they of­ten cost up to 20 per­cent less per square foot than site-built homes, with com­pa­ra­ble in­te­rior fin­ishes.

For those who are re­tired or ap­proach­ing re­tire­ment, af­ford­abil­ity is a sig­nif­i­cant fac­tor to con­sider. Ad­di­tion­ally, such homes are quite easy to cus­tom­ize over time in or­der to meet the chang­ing needs and abil­i­ties of an in­di­vid­ual.

Fur­ther­more, many land-lease com­mu­ni­ties on which man­u­fac­tured homes are sit­u­ated are ded­i­cated to those over 55 years old, and some come with ameni­ties like com­mu­nity club­houses with sched­uled ac­tiv­i­ties, ex­er­cise fa­cil­i­ties, swimming pools and lakes for boat­ing and fish­ing.

Boomers and re­tirees who are an­tic­i­pat­ing less mo­bil­ity in the years to come are find­ing com­mu­ni­ties with “ev­ery­thing at their fin­ger­tips” to be a built-in de­fense against iso­la­tion, and a con­ve­nient and prac­ti­cal al­ter­na­tive to a con­ven­tional neigh­bor­hood. Well-groomed grounds, and nice land­scap­ing, com­mon to these com­mu­ni­ties, can pro­vide con­ve­nience to those pos­si­bly un­able of do­ing their own yard­work.

In­for­ma­tion about these types of man­u­fac­tured homes and com­mu­ni­ties can be found at face­book.com/Man­u­fac­tured-Hous­ing-In­sti­tute.

“If you are look­ing for a home in which to age-in-place, don’t rule out a man­u­fac­tured home in a land-lease com­mu­nity,” says Jen­ni­son. “They of­fer a neigh­borly en­vi­ron­ment with a strong sense of com­mu­nity.”

STATEPOINT

Man­u­fac­tured homes can cost an av­er­age of $68,000, com­pared with $276,000 for a sin­gle­fam­ily site-built home.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.