Global Manufactured Homes Market Size

Manufactured Homes Market Analysis

The manufactured homes market is estimated to register a CAGR of greater than 5% during the forecast period. Supply chain issues related to the COVID-19 pandemic made it difficult to buy a home at affordable prices. Thus, more people have started turning to manufactured homes to achieve the dream of homeownership. As housing costs increase due to lumber price spikes and concrete shortages, many homeowners favor manufactured homes, leading to market growth.

• Construction costs for manufactured homes are typically lower, which may have contributed to their growing popularity in recent years. The rents in the manufactured home communities are also lower. According to a report, rent prices for a one-bedroom apartment are USD 1,600 per month. In contrast, mobile home park lot have an average rent of nearly USD 300 per month, and mobile home living becomes a uniquely affordable housing option for the general population.
• In a strong economy, housing price increases make it even harder for low-wage workers to afford a house. In a weak economy, job loss and wage reduction mean that more people need access to affordable housing. Thus, mobile home parks can do well regardless of economic turn. This ensures the growth of the market in all kinds of economic situations.
• Unlike single-family homes and apartment complexes, mobile homes can be manufactured in a fraction of the time of fixed construction, allowing them to keep pace with demand. While low home inventory is driven partly by overwhelming demand, it is also affected by a shortage of skilled workers and supply chain interruptions that keep building projects from being completed. Across the globe, the construction industry faces these issues. These can be circumvented through the faster, more efficient processes associated with mobile home manufacturing, thus making the market's growth more certain.
• A recent study reveals 90% of people are satisfied with their mobile or manufactured home. 71% of residents cite affordability as the key driver for manufactured housing. About 62% of manufactured and mobile home residents anticipate living in their homes for another 10 years, and 38% don't ever anticipate selling their homes. North America leads the global manufactured homes market, with the United States being the leading country in North America.
• There are an estimated 4.3 million manufactured home sites in the United States. Approximately 31% of new manufactured homes are placed in a community. Manufactured housing industry trends and statistics show 22 million people in the United States live in manufactured or mobile homes. Manufactured homes make up 9% of annual new home starts, and about 76% of new manufactured homes are titled as personal property.