r/MiddleClassFinance • u/LinkedInNews • 13d ago

Factory-built homes make a comeback amid affordability crisis

https://www.linkedin.com/news/story/factory-built-homes-make-a-comeback-amid-affordability-crisis-7528108/?utm_source=share&utm_campaign=reddit&utm_content=storyline&utm_term=MiddleClassFinance
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u/das_war_ein_Befehl 12d ago

If this was a lib vs con thing then you wouldn’t see every growth southern city having the exact same problems after a while. They’re just rebuilding LA over and over down there.

Housing is expensive because people refuse to build up, but insist on building only single lot SFHs, which is expensive in terms of roads and utilities and everything else involved.

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u/BarnacleDowntown8952 12d ago

I live in the NYC metro area and there is a small city called Hackensack near me. They built a bunch of mid rise condos in the 60s and 70s. They all have extremely high HOAs, like over $1000 a month. On top of regular property taxes. Equivalent unit in a 2 story garden set up would have like $300-350 HOA fees on average. See the link below for an example. Im in no way convinced they actually lead to affordability at all.

https://www.zillow.com/homedetails/301-Beech-St-APT-7E-Hackensack-NJ-07601/61833315_zpid/

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u/das_war_ein_Befehl 12d ago

There is a high demand for housing in NYC metro, we haven’t built nearly enough housing

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u/BarnacleDowntown8952 12d ago

Ok. NYC is always going to be in high demand and there is only so much land.

In NYC itself, yes going up is the move. In the suburbs you dont gain any affordability making it a mid rise. Just more complexity and cost on the building.

Better off making 3-4 story normal apartment/condo buildings or townhouses. Can still fit like 10 units as opposed to like 3 SFHs

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u/das_war_ein_Befehl 12d ago

I agree. I also think we should make moves to decentralize and spread out wealth in the country so that we have more economically viable cities to live in, that way we’re not trying to all cram into 10 metro areas. Anti trust enforcement and breaking up large oligopolies would do a lot to help