Mobile manufactured homes offer Long Islanders shot at homeownership in tough market - Newsday Soaring mortgage rates and steep costs have made traditional home ownership on Long Island unattainable for many, especially young individuals and those in service professions. A practical alternative has emerged in the form of manufactured homes, shedding stereotypes and becoming a viable option. Darrin Miller and his wife Katora's success in financing a $120,000 manufactured home exemplifies this shift, offering an affordable solution compared to traditional houses. With median prices for traditional homes at $600,000 in Suffolk County, manufactured homes range from $55,000 to $675,000. Despite challenges like land leases and rising fees, legislative measures such as the Housing Stability and Tenant Protection Act of 2019 aim to safeguard residents. As the perception of manufactured homes evolves, they are increasingly seen as a realistic and appreciating investment, providing an entry point into homeownership for those otherwise priced out of the market.
Share this post
MHC News 01/18/2024
Share this post
Mobile manufactured homes offer Long Islanders shot at homeownership in tough market - Newsday Soaring mortgage rates and steep costs have made traditional home ownership on Long Island unattainable for many, especially young individuals and those in service professions. A practical alternative has emerged in the form of manufactured homes, shedding stereotypes and becoming a viable option. Darrin Miller and his wife Katora's success in financing a $120,000 manufactured home exemplifies this shift, offering an affordable solution compared to traditional houses. With median prices for traditional homes at $600,000 in Suffolk County, manufactured homes range from $55,000 to $675,000. Despite challenges like land leases and rising fees, legislative measures such as the Housing Stability and Tenant Protection Act of 2019 aim to safeguard residents. As the perception of manufactured homes evolves, they are increasingly seen as a realistic and appreciating investment, providing an entry point into homeownership for those otherwise priced out of the market.