Manufactured Homes, Plus Down Payment Assistance, Could Be an Affordable Housing Solution
Down Payment Resource, the nationwide database for homebuyer programs, today released its Fourth Quarter 2020 Homeownership Program Index (HPI). The number of total programs is 2,305, and over 81 percent (81.4) of programs currently have funds available for eligible homebuyers.
Down Payment Resource (DPR) communicates with 1,129 program administrators to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs), affordable first mortgages and more.
One notable change in the Fourth Quarter 2020 HPI was a 3 percent increase in the number of programs that allow for manufactured housing. As low inventory and price increases hinder first-time homebuyers, manufactured homes may be an affordable option.
Millennial Homeownership Rate
Millennials might be the largest generation, but according to an annual report from Apartment List, “Despite recent increases, the millennial homeownership rate continues to trail previous generations. At age 30, 42 percent of millennials own homes, compared to 48 percent of gen Xers and 51 percent of baby boomers.”
Rob Warnock, a research associate at Apartment List, also noted that “Affordability remains the biggest roadblock for millennial renters, especially as home prices have risen throughout a pandemic that has been so damaging to low- and middle-class incomes.” keep reading
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