Company consumer insights highlight younger generation’s shift toward manufactured and modular housing.
There is a shifting attitude toward off-site built housing in America’s youngest generation of consumers – Gen Z, according to a new survey conducted by Vanderbilt Mortgage and Finance, Inc. The survey, conducted by the company’s consumer insights team using Statista data, investigated how potential homebuyers perceive off-site built housing, as well as what they’re looking for in their homes.
Overview of the Gen-Z generation:
- Represents people born between 1997-2010
- As of 2021, makes up 20.6% of the population
- Looks at their housing options in a way that differs from previous generations, particularly as the average cost of homes is at an all-time high
- Has a favorable overall impression of off-site built housing – such as manufactured housing- compared to other generations.
The results of the survey allow Vanderbilt Mortgage – which provides loans to qualified customers purchasing an off-site built home – to better understand its customers’ wants and needs when it comes to their homes. As more of Gen-Z enters the home buying market, those insights are being incorporated into the homes Vanderbilt Mortgage finances to meet the needs of today’s newest generation of home buyers.
Off-site built housing sentiment favorable among Gen-Z
Nearly three quarters of Gen-Z’ers surveyed by Vanderbilt Mortgage in 2021 had a positive impression of off-site built housing. This indicates that outdated, and often incorrect, perceptions of off-site built housing are quickly changing as younger generations discover the quality and affordability of off-site built homes.
The price of a home ranks as the top concern for Gen-Z home buyers. While the median home price for site-built homes across the United States in July 2022 was $402,500, the average sales price of a new off-site built home without land, which varies by region, is around $130,000. Overall, Gen-Zers see the many possibilities for off-site built homes with customizable options at attainable price-points. Modern, stylish and energy-efficient home design options also contributed to the positive overall impression. Vanderbilt Mortgage’s insights team works hand-in-hand with a design team that sifts through the data to suggest changes in home design that reflect the needs of future and current homeowners.
“We believe that our homes are an ideal way for younger generations to achieve the American dream of homeownership without sacrificing comfort or style,” said Vanderbilt Mortgage Director of Customer Experience Jason Langston. “Today’s off-site built homes have a modern aesthetic, are energy-efficient, and provide an attainable path to homeownership.”
Sustainability and affordability top concerns for Gen Z
While Gen Z’ers struggle with financial concerns-particularly when it comes to the cost of housing – they also want to invest in environmentally sustainable choices. For example, Vanderbilt Mortgage’s survey discovered that they prefer renewable materials and value sustainability. In fact, the environmental reputation of a builder is more important than their business ratings or customer service to the majority of Gen-Z. Construction quality and home prices ranked higher than the environmental reputation, however.
Gen-Z also showed more concern with replanting the number of trees used in the building process more than other generations, and that businesses support causes they care about. In 2022, Vanderbilt Mortgage participated in an initiative to plant 2.33 million native species trees in forests through a partnership with the Arbor Day Foundation and its parent company.
Off-site built housing is giving America’s youngest generation hope in achieving the dream of homeownership. To learn more about homes getting Gen-Z excited or to start the application process, visit Vanderbilt Mortgage’s website.
About Vanderbilt Mortgage and Finance: Vanderbilt Mortgage and Finance, Inc. is a national housing lender that specializes in financing manufactured homes. In business for more than 40 years, the company currently services more than 200,000 home loans and works hard to tailor loans to each family’s needs. For more information, visit www.vmf.com.