Rise | We've Done the Research
A Guide to the Most Affordable Types of Homes
While home values have increased, incomes have not kept pace. In 1950, a family needed only a single income to buy a home. Today, many families with two full-time salaries struggle to buy their first home.
Unfortunately, your dream home in your ideal neighborhood may still be out of the question. But, a little research and creativity could land you in exactly what you never knew you wanted. Today, we're taking a look at the most affordable types of homes you can afford to buy.
Let's start with a brief overview of your options.
- Manufactured Home: A type of prefabricated home assembled in a factory and transported to your property.
- Modular Home: A kind of prefabricated house consisting of modules created in a factory and assembled side-by-side, end-to-end, or stacked on your property.
- Mobile Home: A type of prefabricated home built on wheels to be towed by a vehicle.
- Container Home: A kind of dwelling made from steel shipping containers stacked and arranged to fit your unique home needs.
- Monolithic Dome Home: A type of home cast in a solid concrete shell on-premise that can be joined to create a multi-dome home.
- Tiny Home: A kind of home characterized by its size of 500 square feet or less.
Table of Contents
What Is a Prefab Home?
Affectionately termed "Pre-fab" (for prefabricated), these types of houses are built in a factory and delivered to your property for final assembly. This fact alone significantly reduces the costs of building and cleanup.
Manufactured and Mobile homes are, for the most part, complete when they arrive at your location. Set one of these new homes down, and you'll be ready to move in and decorate almost immediately.
What Is a Manufactured Home?
Manufactured homes are similar to mobile homes in structure but lack the wheels for mobility. However, manufactured homes can be moved with the help of a larger truck. Moving proves a little more complicated than mobile homes in that you'll need proper licenses and a professional moving company, running $5,000-8,000 for a move within 50 miles.
There are a variety of manufactured homes for sale, ranging in size and features. A single wide two bedroom, two bath manufactured home can be purchased for as little as $45,000. "Single wide" homes range from 500-1,200 square feet. Prices climb for larger homes ("double-wides"), with added features like porches, granite countertops, and luxury flooring. According to Homes Direct, double wides are about $100,000 and range in size from 1,000 to 2,200 square feet.
When a new manufactured home is delivered to your site, it can be set down on a permanent foundation or a temporary foundation such as steel piers or concrete blocks. Multi-section manufactured homes are delivered in finished pieces and assembled on-site. As it's pieced together, the team will attach existing utilities to the house, so you must first have those set up.
What Is a Modular Home?
Perhaps you're dedicated to a particular location and don't foresee a need to move. In this case, a modular home is an incredibly affordable solution and very much like any other site-built home. Because modular homes are built from prefabricated pieces, they can be assembled and arranged in various ways to create just the home you want.
Your home will arrive in finished pieces on moving day and will be assembled with a crane on a permanent foundation. Depending on your chosen home, it can take just a few weeks to assemble, connect utilities, secure roofing, and finish garages and decks. Modular homes start at $53,000, increasing with size and features.
What Is a Tiny Home?
Tiny Homes have gained popularity recently for their incredibly low cost. While small-space living isn't for everyone, a single person or even a couple can buy a new tiny home for as little as $10,000.
This type of home is categorized only by its size of under 500 square feet. Tiny homes are available as mobile homes (with wheels), manufactured homes (without wheels), and built on-site.
There is no limit to your creativity in buying a tiny home. Build one from found materials, convert a shed, put it on a foundation, or tow it behind your car. Depending on your local regulations, you can set tiny homes down on land, in designated parks, or even in the backyard of another house. See our house feature to learn what it's like to live in a tiny home.
Pros and Cons
The benefit of living in these types of homes is simple. You can often save money upfront, and you save money over time with lower operating costs. You will also have a smaller environmental footprint, as your home will require less energy and fewer materials to build and operate. Not having a large home saves you time with less cleaning, less time (and money) furnishing the house.
The downside might be obvious: less space. If you have a lot of clothes, furnishings or mementos, you'll have to pare down. However, minimalist living can be a plus, as it can simplify your life and provide more freedom.
Laura Bourland
Laura grew up in the California suburbs, far removed from environmentalism, but nature always has a way. She uprooted her life in 2015, moving to the countryside of Washington to live a more sustainable and simple life on 12 acres. She and her fiancee are learning on the job as they attempt everything from gardening and natural pest control to eco-friendly building and home improvement.
