Broker on how manufactured housing can help first-time buyers enter the market

“In our area, you can find things probably worth $300,000 for a starter, and that’s a lot of money for somebody willing to start off for their first home. Then, on top of that, if they’re going to have to put 5% down on a $300,000 house, it’s $15,000. And a lot of people just don’t have that in their savings account,” he added.

The solution, Stoy suggested, may lie in manufactured homes.

“There’s a lot of investors doing manufactured homes that you never thought would ever do manufactured homes,” Stoy said. “There’s a stigma in buying a manufactured home… but at the end of the day, it’s still housing, it’s a roof over their heads, and they don’t have to move around every couple of years.

“It would be great if there was some tract of land outside of the urban area and there are some incentives that get the developer put in there and then everybody has a modular manufactured home that can come in on a fixed price and it can be affordable. It’s super important because it’s what can help people build wealth over the long run instead of it going somewhere else.”

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