Gen-Z Turns to Offsite-Built Housing for Beautiful, Energy-Efficient Property, Shattering Outdated Misperceptions

October 6, 2022

Montana Mortgages

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Company’s consumer insights highlight younger generation’s shift to prefab and modular housing

MARYVILLE, Tenn., October 6, 2022 /PRNewswire/ — According to a new survey by Vanderbilt Mortgage and Finance, Inc.. The survey, conducted by the company’s consumer insights team using data from Statista, explored how potential buyers view off-site built homes, as well as what they are looking for in their homes.

Introducing the Gen-Z generation:

  • Represents people born between 1997 and 2010
  • In 2021, represents 20.6% of the population1.
  • Examine their housing options in ways that differ from previous generations, especially as the average cost of homes is at an all-time high
  • Has a favorable overall impression of off-site built housing – such as prefab housing – compared to other generations

The survey results give Vanderbilt Mortgage – which lends to qualified customers buying a home built offsite – a better understanding of its customers’ wants and needs when it comes to their home. As more Gen-Zs enter the home buying market, this information is integrated into Vanderbilt Mortgage home finances to meet the needs of today’s next generation of home buyers. .

Favorable off-site constructed housing sentiment among Gen Z

Nearly three-quarters of Gen Zers surveyed by Vanderbilt Mortgage in 2021 had a positive impression of offsite built housing. This indicates that Outdated and often incorrect perceptions of offsite built housing are rapidly changing as younger generations discover the quality and affordability of offsite built homes.

The price of a home ranks first on the minds of Gen Z homebuyers. While the median price of site-built homes across United States in July 2022 has been $402,500the average sale price of a new off-site home without land, which varies by region, is approximately $130,000[2]. Overall, Gen-Zers see the many opportunities for off-site built homes with customizable options at affordable prices. Modern, Sleek and Energy Efficient Home Design Options also contributed to the overall positive impression. Vanderbilt Mortgage’s analysis team works hand-in-hand with a design team that sifts through data to suggest home design changes that reflect the needs of future and current homeowners.

“We believe our homes are an ideal way for younger generations to achieve the American Dream of homeownership without sacrificing comfort or style,” said Vanderbilt Mortgage’s director of customer experience. Jason Langston. “Today’s offsite-built homes have a modern aesthetic, are energy efficient, and provide an accessible route to home ownership.”

Sustainability and affordability are top concerns for Gen Z

As Gen Zers struggle financially, especially when it comes to the cost of housing, they also want to invest in eco-friendly choices. For example, the Vanderbilt Mortgage investigation found that they prefer renewable materials and value sustainability. In fact, a builder’s environmental reputation is more important than their business ratings or customer service to the majority of Gen Zers. However, build quality and home prices are more important than environmental reputation.

Gen-Z too was more concerned with replanting the number of trees used in the construction process more than other generations, and that companies Support causes close to their hearts. In 2022, Vanderbilt Mortgage participated in an initiative to plant 2.33 million trees of native species in forests through a partnership with the Arbor Day Foundation and its parent company.

Off-site housing is giving America’s youngest generation hope to realize the dream of homeownership. To learn more about the homes Gen Z are excited about or to start the application process, visit the Vanderbilt Mortgage website.

About Vanderbilt Mortgage and Finance

Vanderbilt Mortgage and Finance, Inc. is a national real estate lender specializing in financing manufactured homes. In business for over 40 years, the company currently services over 200,000 home loans and strives to tailor loans to the needs of each family. For more information, visit www.vmf.com.

ALL LOANS ARE SUBJECT TO CREDIT APPROVAL. Vanderbilt Mortgage and Finance, Inc., and its dba Silverton Mortgage, 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS#1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged under license from California Finance Lenders Law, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, licensed by the NJ Department of Banking and Insurance, licensed by the PA Dept. of Banking, Rhode Island Licensed Lender. Equal opportunity in housing.

1 Data provided by Statista

2 According to the United States Census Bureau

Media Contact:
Caitlyn Crosby
[email protected]

SOURCEVanderbilt Mortgage and Finance, Inc.