Recently, the House Committee on Financial Services subcommittee on housing and insurance led by Chairman Mike Floyd (NE-01), held a hearing to explore opportunities to expand consumer choice and existing housing supply through the use of innovative housing products. Members examined the market and regulatory barriers that affect the development and deployment of these innovative housing products and discussed how policy makers at all levels of government can remove obstacles and unleash greater housing opportunities for American families.
One innovative Housing Solution.
Bill Boor, President and Chief Executive Officer, Cavco Industries; testifying on behalf of the Manufactured Housing Institute as Chairman of the board, stated, “Manufactured housing stands out as the most affordable homeownership option for American families. Last year the average price of a manufactured home was $124,300, significantly lower than the $409,000 average price of a site-built home (excluding land). This due to greater supply-chain flexibilities, regulatory consistency, lower on-site labor costs. Additionally, the average income for a manufactured home buyer was about $61,000, compared to over $136,000 for a site-built home. Our home builders offer stylish manufactured homes at affordable price points, providing affordable options without compromise on quality of features… Manufactured housing offers affordability and quality to consumers by leveraging technological advancements and efficiencies associated with the factory-built process. This approach helps contain costs, improve energy efficiency, enhance safety and deliver quality homes at affordable prices that our customers consistently report they love. Manufactured housing is unique in that it is the only type of housing constructed to a Federal Residential Building Code, regulated by HUD.
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