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Chicago, IL—An estimated 4.2 million manufactured home sites are in the U.S. with approximately 32% of new manufactured homes placed in communities.

"More than 22 million people in the US live in manufactured homes as these homes are the least expensive kind of housing available without a government subsidy," says Charles Krawitz, Vice President of Commercial Lending, Alliant Credit Union. "Manufactured homes make up 10% of annual new home starts and about 76% of new manufactured homes are titled as personal property."

Affordability, ease of downpayment and several lifestyle aspects are the some of the reasons why residents are attracted to manufactured housing communities or mobile housing parks. Cost-wise, the average cost per square foot of a traditionally built home is $111 while average cost per square foot for a manufactured home is $50.