Page 8 February 15, 2018 EL SEGUNDO HERALD
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New Ways Renters Are Becoming Homeowners
(BPT) - Sponsored Content from Vanderbilt
Mortgage and Finance, Inc.
The world that millennials have grown up
in is a lot different than the world the Gen
Xers and Baby Boomers knew. The digital
revolution, widespread use of smartphones
and adoption of disruptive technologies such
as ride sharing and vacation rental apps are
just a few of the factors that have altered the
social landscape.
Unfortunately, rising student debt, rising
home prices and other economic factors have
hit many millennials and left them to believe
that they cannot afford a home. Many feel
as though they have been priced out of the
American dream and they will never be able
to buy a home.
But no matter what your age, there are
plenty of ways to become a homeowner, you
just have to think a little more creatively.
Looking at current trends, a recent research
study found that more U.S. households are
now renting than at any time in the last 50
years. With a rising number of renters, many
have worried that we are becoming a nation
of renters rather than a nation of homeowners.
This is most evident with the younger
generation, people under 30, who the National
Multifamily Housing Council have found
now account for 50 percent of all renters
in the U.S.
They aren’t renting because it’s a more
affordable option, either. As many residents
know throughout the country, rents are going
up and up. Between 2012 and 2015, the
median gross rent has gone up 8.24 percent,
rising to $959. When you combine that
with the utilities, a deposit and first and last
month’s rent, it’s a lot of money to spend on
BUYING OR
SELLING
John Skulick | 310-350-4240
TeamSkulick@gmail.com
BRE #01064179
Rose VanHook
310-350-5920
BRE #02034572
Pol Schönhöfer
310-980-5530
When
BRE # 00946399
something you will never own.
So why do people choose to rent? One
reason is that many don’t realize that just like
phones, cars and countless other things we
use on a daily basis, homes have changed.
As demand for housing increases, and
prices on new and existing homes continue
to rise, manufactured housing has adapted to
the standards of today’s first-time homebuyers
and provides a solution for a market in short
supply of quality, affordable options.
In 2016, the average sales price for a
manufactured home without land was around
$70,600 - that’s an average of $48.82 per square
foot - making them an affordable solution
to renters looking to become homeowners.
“We believe manufactured homes offer a
great solution for many households seeking
affordable housing,” says Vanderbilt Mortgage
and Finance Inc. President Eric Hamilton.
“We work with our customers to help find
financing options that fit their needs and
circumstances.”
Renters don’t have to continue doling out
a monthly check for something they’ll never
own. The housing market has changed and
with this change, manufactured homes have
brought forth new opportunities to become
a homeowner.
Vanderbilt Mortgage and Finance, Inc.,
500 Alcoa Trail, Maryville, TN 37804,
865-380-3000, NMLS #1561, (http://www.
nmlsconsumeraccess.org/), AZ Lic. #BK-
0902616, Loans made or arranged pursuant
to a California Finance Lenders Law license,
GA Residential Mortgage (Lic. #6911), Illinois
Residential Mortgage Licensee, Licensed by
the NH Banking Department, MT Lic. #1561,
Licensed by PA Dept. of Banking.