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July 28, 2017

Making (Manufactured) Home Sweeter

Homeownership

Manufactured homes are becoming increasingly attractive to a wide array of people. And they offer affordable housing options for many, especially those earning low and moderate incomes and/or living in rural and underserved areas.

  • WeatherStone Village, Michigan City, Indiana
    WeatherStone Village, Michigan City, Indiana
  • Apache Mobile Home Park, Yucca Valley, CA
    Apache Mobile Home Park, Yucca Valley, CA
  • Apache Mobile Home Park, Yucca Valley, CA
    Apache Mobile Home Park, Yucca Valley, CA
  • Longhaven Estates, Phoenix, AZ before Renovation
    Longhaven Estates, Phoenix, AZ before Renovation
  • Longhaven Estates, Phoenix, AZ after Renovation
    Longhaven Estates, Phoenix, AZ after Renovation
  • Rosebud Homes, Bridgeview, Illinois
    Rosebud Homes, Bridgeview, Illinois
  • Rosebud Homes, Bridgeview, Illinois
    Rosebud Homes, Bridgeview, Illinois
  • WeatherStone Village, Michigan City, Indiana
    WeatherStone Village, Michigan City, Indiana

Manufactured homes account for between 7 and 8% of all single–family homes in the United States. In rural areas, that percentage is about doubled. Nearly half of existing manufactured housing is in rural areas. The average price of a new manufactured home is $71,600, while the average price of a new, single–family, site–built home is $372,900, according to the U.S. Census Bureau.

More than 40% of manufactured homes sit within manufactured housing communities (MHCs) — even more in rural areas. These residential real estate developments offer permanent pad sites for rent for manufactured homes, related amenities, utility services, landscaping, roads, and other infrastructure.

As part of Freddie Mac's commitment to promoting housing affordability, our Multifamily business provides much–needed funding to MHCs. Our support helps MHC owners keep pad rents low as well as maintain and improve amenities and infrastructure. From our program's launch in October 2014 to June 2017, we purchased loans on 310 communities, comprising more than 82,500 home sites, in 37 states.

In 85% of the communities we financed since the beginning of last year, housing is more affordable than traditional single–family homes and comparable to two– and three–bedroom apartment units in the neighborhood.

We will continue to support affordable and rural MHCs, and work to do even more by applying our experience and innovation.

Learn more about manufactured housing and whether it might be a good fit for you at the Manufactured Housing Institute.

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