Oil and gas prices ticked upward modestly in February. But months of cost-cutting measures among leading companies have led to waves of layoffs. And sadly, exorbitant rents and inflated home prices in oil-dependent communities have made it almost impossible for workers to wait out the next boom—leaving many scrambling to find more affordable housing.
Yet the shortage in affordable housing is nothing new. It’s part of a disturbing trend that started years before the latest oil and gas slump and extends far beyond oil-producing areas. More and more low- and middle-class workers are chasing fewer viable housing options driving prices higher.
In large cities, such as Seattle, only a third of potential homebuyers (outside of technology-related positions) feel confident they’ll be able to afford to live there in 10 years. The same thing will happen in dozens of other American cities where housing will become less affordable over the next decade, according to Redfin CEO Glenn Kelman on CNBC.
The country’s lowest earners are increasingly at risk because the private sector cannot meet their needs for housing without government aid, said Chris Herbert, director for Harvard’s Joint Center for Housing Studies.
Live up to your dreams
Federal, state and municipal governments are asking all the right questions and are hard at work searching for answers that could be 10 years in the making. Meanwhile, one real estate investment trust, UMH Properties Inc., isn’t waiting around. Their next-generation manufactured home communities, located in dozens of big cities and small towns in the Northeast and Midwest, are making it possible to rent or own a single-family home.
Affordable three-bedroom, two-bath homes start as low as $549/month in select locations. “Rental manufactured housing is the most cost-competitive rental housing there is,” says Sam Landy, UMH President & CEO. “You can improve your lifestyle when your home costs less.”
Advances in materials and construction techniques make today’s manufactured homes resistant to winds up to 105 mph. “It’s amazing how far we’ve come,” adds Landy. “It’s not unusual to find designer kitchens, spa baths and amenities like pools, tennis courts and clubhouses.”
Despite the documented shortage in affordable housing, the desire to own has never been stronger, perhaps fueled in part by the popularity of home design TV shows and home improvement trade shows. “We want to help families get into a new home sooner,” says Landy.
UMH home prices vary depending on size, features and finishes and region. But all models and price points include backyards that encourage outdoor activities. And all UMH home sites provide on-site management and around-the-clock maintenance services.
UMH Properties Inc. has been building high-quality, affordable lifestyle communities since 1968. They can answer any questions about renting or buying affordable homes in any of their 98 communities. Click here for more information about homes near you and to receive a free checklist that will help your future move go smoothly. You can also call UMH at 800-504-0670 for more information.